Ethereum jumps near $4,500 as BitMine announces massive new funding round for ETH purchases.
- Ethereum gains 6%, nearing all-time highs.
- BitMine raises total ETH investment plans to $24.5 billion.
- Michael Saylor comparisons spark excitement in crypto circles.
Ethereum Nears All-Time Highs
Ethereum (ETH) traded at $4,457 on Tuesday, its highest price since December 2021. The price is now less than $500 away from its record high. The rise came after BitMine Immersion Technologies shared plans to raise a massive $20 billion to buy more ETH. Combined with previous investments, BitMine now aims to hold $24.5 billion in Ethereum.
BitMine Moves Big Into ETH
The United States Securities and Exchange Commission (SEC) filing confirmed that BitMine increased its fundraising target for ETH from $4.96 billion to $24.5 billion. The company plans to raise the money by selling stock. The announcement pushed BitMine’s stock up 5.6% and also gave ETH a price boost.
Investors Show Growing Confidence
Market watchers reacted quickly. Crypto trader Michaël van de Poppe said ETH has more than doubled in value over the past two months. He believes this rally looks like Bitcoin’s surge during the ETF launch, predicting Ethereum will likely hit a new all-time high soon. Others, like Ted Pillows, compared BitMine’s chairman Tom Lee to Michael Saylor, the CEO of MicroStrategy known for his large Bitcoin investment strategy.
Analysts Expect More Growth
Keith Alan, co-founder of Material Indicators, said buying ETH at lower levels could be a strong opportunity. He pointed out that the 21-day simple moving average (SMA), a key price level, sits at $3,822. If ETH pulls back to that level, it might be a “gift” to buyers looking for a dip in the price.
Bitcoin Slows While ETH Leads
Meanwhile, Bitcoin stayed under $120,000 and failed to react to positive news about U.S. inflation. July’s lower Consumer Price Index (CPI) numbers increased hopes for interest rate cuts in September. Even with that news, traders focused more on Ethereum and other altcoins. Trader Rekt Capital said Bitcoin is still forming a support level and may try for another breakout if stability holds.
Source: cointelegraph.com