Ethereum (ETH) has surged to $4,606, marking an 8.9% daily gain and a 27% rise over the past week, bringing it within striking distance of its all-time high.
The rally has reignited investor optimism, with analysts pointing to even higher targets in the months ahead.
Market strategist Miles Deutscher notes that during previous bull runs, Ethereum’s market cap typically reached around 35% of Bitcoin’s. If that historical trend repeats, ETH could climb to $6,000 based on Bitcoin’s current valuation — and potentially exceed $8,000 if BTC hits $150,000.
Institutional Demand Heats Up
Fueling this rally is a shift in strategy from BitMine Immersion Technologies (BMNR), which has pivoted from Bitcoin mining to aggressive Ethereum accumulation. The company, backed by Fundstrat’s Thomas Lee, plans to raise up to $20 billion to purchase ETH, citing the long-term potential of staking yields and decentralized finance.
This aggressive move mirrors MicroStrategy’s well-known Bitcoin strategy, with the potential to remove a significant portion of ETH’s circulating supply from the market. If executed in full, the purchases could account for roughly 4.3% of total ETH supply, creating notable demand pressure.
The buying spree follows a record-breaking $1 billion single-day inflow into BlackRock’s spot ETH ETF on August 11, signaling robust institutional appetite for the asset.
What’s Next for ETH?
Ethereum’s technical indicators support the bullish outlook. The weekly RSI is hovering above 72, a sign of strong momentum, while MACD readings point to sustained upward pressure. Should ETH break its previous record, the next major psychological barrier lies at $5,000, with potential for a sharp move toward $6,000 if buying volume remains strong.
Investors will be closely watching whether BitMine accelerates its purchase schedule, as rapid acquisitions could tighten liquidity and push prices up even faster.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/ethereum-climbs-to-4600-bulls-eye-a-fresh-all-time-high/