Ethereum Surges 27% on Institutional Demand, Targets Key Resistance Level

Ethereum has seen a significant price jump of 27% in the past month due to increased institutional demand. One key player in this trend is BitMine, led by chairman Tom Lee, which has added 9,946 ETH to its holdings, bringing its total to 5.79 million ETH.

This acquisition makes BitMine one of the largest institutional holders of Ethereum, owning around 4.8% of the cryptocurrency's circulating supply. The company has also staked 4,917,189 ETH, approximately 85% of its total holdings.

The recent price surge has traders watching whether Ethereum can break through the key resistance level of $2,156, which it reached in June. If it surpasses this level, the next major target could be $2,461. However, there are also potential risks, with sell orders worth around $3.6 million sitting near the $1,975-$2,000 zone.

Ethereum's network activity is showing strong signs of growth, with daily active users approaching those on Bitcoin's network. This could be a sign that Ethereum is gaining traction and may continue to outperform other cryptocurrencies in the future.