Ethereum Price Rises 30% Amid Bullish Setup and Record Funding Rate

Ethereum's price is currently testing resistance at $2,500 after rising by 30% since August 19. However, Tom Lee, Chairman of Bitmine, believes that this is a bullish setup for Ethereum.

Lee pointed out that similar gains occurred in July 2021 and May 2025, with Ethereum prices increasing by 167% and 170%, respectively. He attributes these gains to macro tailwinds such as looming $1 trillion Treasury buybacks, which boost liquidity and increase demand for risk assets.

The Bitmine executive's bullish thesis is supported by technical indicators that suggest ETH could extend its gains past $2,500 if buying pressure remains strong, according to a recent CoinGape Ethereum price analysis. However, long positions also pose a risk to Ethereum if the price makes an unexpected drop and the long buyers are forced to sell to close their positions.