Ethereum Smashes Two-Month High on $4 Billion Bond Buyback Surge

Ethereum (ETH) broke its two-month high on Wednesday, trading at an intraday price of $2,112. This significant milestone was largely driven by the U.S. Department of the Treasury's announcement to double its government bond buyback program up to $4 billion.

The increased liquidity in the market led to a surge in Ethereum's market capitalization, reaching $251 billion. This move also pulled up other altcoins, with some notable exceptions like Monero (XMR) and Tron (TRX), which posted small losses.

Market analyst Michaël van de Poppe noted that Ethereum's current chart structure could be considered a significant technical breakout. According to him, if the price holds above the $2,000 support level, it could target successive resistance zones located at $2,250, $2,465, and an extended target at $2,900.

The combined market capitalization of altcoins crossed the $1 trillion mark for the first time in nearly a month. Zcash (ZEC) was among the top performers, gaining 9% to reach a peak of $557, with a valuation of $9.3 billion.