COINOTAG News reports that as of November 28th, notable developments in the Ethereum market have been influenced by recent political shifts. K33 Research’s Managing Director, Vetle Lunde, highlighted that since November 5, following Donald Trump’s electoral success, holdings in Volatility Shares‘ Ethereum leveraged ETF have surged by an impressive 160%. Currently, Volatility Shares commands over half, specifically 50.1%, of the CME Ethereum open interest.
Despite Ethereum’s price underperforming relative to Bitcoin, analysts anticipate a potential turnaround in momentum. The recent ETH price decline may signal a shift, as emerging technical chart patterns hint at the possibility of Ethereum reaching $20,000 during the peak of the projected 2025 bull market cycle. Additionally, Ryan Lee, Chief Analyst at Bitget Research, noted that the combination of ETF inflows and spot buying could propel Ethereum to gain significant upward momentum in the coming weeks.