Ethereum Price Surges 27%, Institutional Demand Drives Gains

Ethereum's price has surged by 27% in the past month, driven by increasing institutional demand. According to recent data, BitMine, a company led by chairman Tom Lee, added 9,946 ETH to its holdings over the past week, bringing its total to 5.79 million ETH.

This acquisition represents about 4.8% of Ethereum's circulating supply and makes BitMine one of the largest institutional holders of ETH. The company has also staked 4,917,189 ETH, which is roughly 85% of its total holdings.

The recent price jump has put Ethereum near $1,980, with many traders eyeing a potential break above the key resistance level of $2,156, the June high. However, there are some signs that the current move may be slowing down, as sell orders worth around $3.6 million have accumulated in the $1,975-$2,000 zone.