Ethereum is on fire! It recently smashed its previous all-time high, hitting a whopping $4,886 – a 14% jump in a single day! This isn’t just a flash in the pan; it shows Ethereum’s incredible strength and growing importance in the crypto world.
Institutional Investors Pile In
While Bitcoin’s been relatively quiet, Ethereum has become the darling of big investors. They’re not just buying, they’re hoarding it. This isn’t just speculation; on-chain data shows strong demand.
Bitmine’s Big Bet:
Arkham Intelligence revealed that Tom Lee’s Bitmine just bought $45 million worth of ETH. This is a huge deal, and it’s not alone. Many big players are betting on Ethereum as the future of decentralized finance (DeFi) and smart contracts.
Bitmine’s Massive Holdings: Bitmine’s move is even more significant considering they now hold a staggering $7 billion worth of ETH – making them the biggest corporate Ethereum holder, owning about 1.3% of the total supply! They’re not stopping either; they’re still buying. SharpLink Gaming is a close second, holding around $3.2 billion in ETH. This shows just how much faith institutions have in Ethereum’s long-term potential. This level of accumulation not only removes a significant amount of ETH from circulation, but also makes it harder to get, potentially pushing the price even higher.
The Weekly Outlook: A Look at the Charts
The weekly chart paints a bullish picture. Ethereum’s price has bounced back strongly, surpassing levels not seen since late 2021. It broke through key resistance levels and its moving averages, showing strong upward momentum. The chart shows consistent buying pressure, especially after the institutional buying spree.
However, this rapid rise also means a correction is possible. If the price drops, $4,300 and $3,800 are important support levels to watch. While the overall trend is bullish, a short-term pullback wouldn’t be surprising. The current price is near previous all-time highs, so some profit-taking is expected. But if the buying continues at this pace, Ethereum could be on the verge of a massive supercycle.