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Why is the price of Ethereum rising? How much further will Ethereum increase?
Why is the price of Ethereum rising? How much further will Ethereum increase?

29.11.2024 09:10

The demand for leveraged investment products based on Ethereum (ETH) has reached record levels following Donald Trump's election victory. The position size in the VolatilityShares Ethereum ETF has increased by 278,150 ETH over the past three weeks, accounting for 50.1% of the total open positions on the CME. This development is seen as a strong indicator of the price of ETH, the world's second-largest cryptocurrency, moving towards the $4,000 level.

The increase in risk appetite in the cryptocurrency markets is directing investors towards leveraged Ethereum products. The movement of Bitcoin (BTC) below $100,000 is shifting investor interest to the world's second-largest cryptocurrency, while technical analysts are highlighting a three-year cup and handle formation.

The $4,000 Target for Ethereum is Near

Demand for the VolatilityShares Ethereum ETF has seen a significant increase since November 5. Vetle Lunde, head of research at K33 Research, noted that the ETH equivalent position in the ETF has risen by 160% to 278,150 ETH.

Analyst Ryan Lee emphasized that the stability of the implied volatility of 1-day options indicates that the recent breakout above $3,600 is due to spot accumulation rather than speculative activity.

Wolf, one of the well-known figures in the crypto world, points out the major resistance level at $4,000 from a technical analysis perspective, predicting a move above $15,000 if this level is surpassed.

Record inflows of stablecoins into exchanges in November are also supporting Ethereum's upward trend. This trend does not show signs of reversing in the short term.


 
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