ETH Price Seeks New Highs as Bitmine Nears 5% of Supply
Ethereum (ETH) price continues to rise as buyers aim to extend its recovery started in July. The cryptocurrency has climbed from a July low near $1,510 to a late-September peak of about $2,776.97, according to TradingView data.
Analyst Michael van de Poppe believes that if ETH breaks through the current area, it could lead to a higher price target of around $3,400. Van de Poppe also thinks that Ethereum is unlikely to return to the sub-$2,000 region in the near term.
Bitmine Immersion Technologies continues to add to its Ethereum treasury, buying 27,562 ETH worth about $74 million at $2,688 per coin in the week ending September 21. The firm now holds 5,983,940 ETH, which equals about 4.9% of Ethereum's total supply and is valued near $16.1 billion.
The Relative Strength Index sits at 69.50, just under the 70 level often seen as overbought. On-chain data also shows that Ethereum earned $689,893 in transaction revenue on September 21, which was the highest daily total of the past seven days.