• Ethereum surges 8.3% amid Grayscale’s reverse share split execution.
  • Futures open interest hits $20.27B, signaling bullish market sentiment.

The cryptocurrency market is experiencing a robust bullish rally, with Bitcoin surpassing the $99,000 mark, inching closer to the long-anticipated $1 million milestone. Altcoins such as Solana ( SOL ) and XRP have also achieved new all-time highs (ATHs). However, Ethereum (ETH) struggled initially to match the momentum. Despite criticism from the community, ETH surged 8.3% in the past 24 hours, reaching a 10-day high of $3,426 and recording a 12% increase over the past week.

This surge coincides with Grayscale Investments completing reverse share splits for its Bitcoin Mini Trust ETF (BTC) and Ethereum Mini Trust ETF (ETH). Effective 20th November, these changes aim to streamline trading and enhance cost efficiency. For Ethereum, a 1:10 reverse share split raised its price per share tenfold while reducing the number of shares outstanding proportionately. Similarly, Bitcoin underwent a 1:5 split.

Moreover, Post-split, the Bitcoin Mini Trust ETF rose 1.80% to close at $41.84, while the Ethereum Mini Trust ETF dipped 0.92% to $28.93, though pre-market activity indicated a 2.25% gain. Grayscale’s move precedes its launch of Bitcoin ETF options, marking another milestone for the asset manager.

Next Stop For ETH?

Ethereum’s rally is also attributed to strong derivatives market activity. Its futures open interest (OI) surged to a record $20.27 billion, reflecting increased investor confidence. Meanwhile, ETH’s average blob count per block exceeded three, signaling heightened Layer 2 network activity. This trend could accelerate Ethereum’s deflationary mechanism, potentially boosting its price.

Can Ethereum Overcome Resistance Levels to Hit $4.5K? image 0 ETH Price Chart, Source: Sanbase

However, institutional sentiment remains bearish, with Ethereum ETFs seeing $213.7 million in outflows over five consecutive days. ETH is currently testing a critical resistance level at $3,500. If it breaks past this, analysts predict a potential rally toward $4,522, with significant hurdles at $3,732 and $4,093. A failure to sustain momentum could push ETH below $2,817.

As Ethereum consolidates, its performance will be closely watched by traders navigating this dynamic bullish phase.

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