Why is Ethereum (ETH) price up today?

The original Token of Ethereum, Ether, has increased strongly by 5.75% in the past 24 hours, reaching around $3,640 on November 28. With this growth momentum, Ethereum has far exceeded the average increase of the entire cryptocurrency market, which only increased by 2.82% during the same period. The recent price increase of Ether has been driven by the growing optimism of investors, after Bitwise Asset Management filed an application to establish a new Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). This ETF is based on Bitwise's Current 10 Crypto Index Fund, launched in November 2017. The fund allocates 75.14% of its assets to Bitcoin and 16.42% to Ether, while the remaining portion is invested in other cryptocurrencies such as Solana, XRP, and Cardano. Over the past 24 hours, most of the cryptocurrencies included in this ETF proposal have seen price increases, reflecting the market's positive expectations for the fund's approval. The price increase of Ether has been accompanied by a massive jump in Open Interest (OI) in the Futures Contract market. As of November 28, Ethereum's OI has surpassed the $24 billion mark, setting a new record high, after increasing by more than $4 billion in just 24 hours. Ether's weekly Funding Rates have also remained positive since October, reaching around 0.53% in early November. The combination of record-high OI and positive Funding Rates creates a growth loop: the optimistic sentiment drives investor participation, which in turn continues to push the price of Ether higher. These developments also reflect the growing confidence in the Ethereum ecosystem and its growth potential. Today's growth of Ethereum is supported by key technical levels and a breakout from a price chart pattern. Specifically, the Ether price has recovered from the Exponential Moving Average (EMA) 50 on the 4-hour chart, an important support level in the recent uptrend. Additionally, Ether has successfully broken out of a cup-and-handle pattern, a classic continuation pattern. This pattern, which formed over several weeks, marked a breakout as the price surpassed the $3,440 resistance level. According to the theory, the breakout from this pattern typically leads to a price increase equivalent to the depth of the cup, targeting Ether near $3,940. In other words, Ether is aiming for a gain of over 10% in December, further consolidating its position in the cryptocurrency market. Join Telegram: https://t.me/tapchibitcoinvn Twitter (X): https://twitter.com/tapchibtc_io TikTok: https://www.tiktok.com/@tapchibitcoin Mr. Teacher According to Cointelegraph