#ETHOnTheRise

Why is Ethereum (ETH) price up today?

Ethereum price is rising primarily due to Bitwise’s recent ETF application with the SEC as ETH price could hit $4,000 in December.

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Why is Ethereum (ETH) price up today?

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Ethereum’s native token, Ether

ETH

tickers down

$3,674.93

, has risen by 5.75% in the last 24 hours to reach around $3,640 on Nov. 28. The second-largest cryptocurrency has outperformed the crypto market’s gains, which has jumped 2.82% in the same period.

Cryptocurrencies, Markets, Market Analysis, Ether Price, Ethereum Price

ETH/USD four-hour price chart. Source: TradingView/Cointelegraph

Bitwise files for 10 Crypto Index Fund ETF, including Ether

Ether’s recent rally can be attributed to heightened investor optimism surrounding Bitwise Asset Management’s recent exchange-traded fund (ETF) application.

Notably, the firm filed with the US Securities and Exchange Commission (SEC) to launch an ETF based on its existing 10 Crypto Index Fund. This fund, initiated in November 2017, predominantly comprises Bitcoin (75.14%) and Ether (16.42%), with the remaining assets allocated across cryptocurrencies like Solana

SOL

tickers down

$227.78

, XRP

XRP

tickers down

$2.38

, and Cardano

ADA

tickers down

$1.12

.

Most cryptocurrencies included in the proposed ETF have surged in the past 24 hours, reflecting growing market speculation and optimism surrounding the investment product’s potential approval.

Cryptocurrencies, Markets, Market Analysis, Ether Price, Ethereum Price

ETH/USD versus BTC/USD, XRP/USD, ADA/USD, and SOL/USD one-month performance. Source: TradingView

Ethereum open interest hits record high

Ether’s price rise accompanies a strong jump in its futures market’s open interest (OI). As of Nov. 28, the OI had reached over $24 billion, the highest in history, after jumping by more than $4 billion in the last 24 hours.

Ether’s weekly funding rates have been positive since October, around 0.53% as of Nov. 2.

Cryptocurrencies, Markets.