Ethereum Surges 27% on Institutional Demand
Ethereum's price has jumped 27% in the past month, fueled by growing institutional demand. BitMine, a company led by chairman Tom Lee, has added 9,946 ETH to its holdings, taking its total to 5.79 million ETH and making it one of the largest institutional bets on Ethereum.
BitMine's recent purchase brings its total crypto, cash, marketable securities, and other investments to $11.8 billion. The company has also staked 4,917,189 ETH, or about 85% of its total holdings.
Ethereum is gaining ground against Bitcoin, with the ETH/BTC pair climbing toward 0.030 after breaking above a falling channel that had kept Ethereum weaker than Bitcoin for months. Ethereum's network activity is also close to Bitcoin, with around 395,300 daily active users compared to about 418,300 on Bitcoin.
The next major resistance for Ethereum is $2,156, the June monthly high. A clean break above this level could open the door toward $2,461, while sellers rejecting ETH near $2,156 could send the price first falling toward $1,835 and potentially as low as $1,508 or $1,369.