Key Points:
ETH rose nearly 6% on the day, and BitMine raised its ETH accumulation plan to nearly $25 billion.
Analysis describes ETH's price movement as "defying gravity," comparing board chairman Tom Lee to Michael Saylor.
BTC continues to stay below $120,000, ignoring the lackluster performance of the U.S. CPI data.
ETH approached $4,500 on Tuesday, with large corporate buying plans providing significant momentum for this largest altcoin.
Data from Cointelegraph Markets Pro and TradingView shows that ETH/USD reached $4,457 on Bitstamp, the highest price since December 2021.
Currently, it is less than $500 away from its all-time high, with ETH/USD breaking resistance after blockchain technology company BitMine Immersion Technologies announced plans to raise up to $20 billion to purchase ETH.
This move complements the company's existing fundraising plan, bringing its total ETH holdings to $24.5 billion. The day before, BitMine disclosed its holdings of $4.96 billion in ETH.
Documents submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday confirmed:
As of the time of writing, BitMine's stock rose by 5.6%, and ETH/USD also saw a similar increase.
Market participants are optimistic about the prospects of ETH's price strength, which is not surprising.
Crypto trader, analyst, and entrepreneur Michaël van de Poppe posted on the X platform: "In less than two months, $ETH has risen over 100%."
Crypto investor and entrepreneur Ted Pillows compared BitMine chairman Tom Lee to Strategy CEO Michael Saylor, who was responsible for managing the accumulation of the largest BTC corporate treasury.
We finally got our $ETH Michael Saylor. Bitmine wants to buy $20,000,000,000 Ethereum. Let's gooooooo 🔥 pic.twitter.com/5XHJdnyNqf
"ETH's price defies gravity," continued Keith Alan, co-founder of the crypto trading platform Material Indicators.
Alan stated that buying on dips at the 21-day simple moving average (SMA) (currently at $3,822) would be a "godsend opportunity."
Previously, Cointelegraph reported that the target price for ETH is currently $20,000 per coin.
Meanwhile, Bitcoin continued to maintain a volatile trend after failing to break its all-time high the day before.
Positive macro news, such as the U.S. Consumer Price Index (CPI), failed to boost momentum, instead shifting the focus to altcoins.
The July CPI data was 0.1% lower than expected, providing grounds for the Federal Reserve to consider interest rate cuts at its next meeting in September—this is a key positive factor for cryptocurrencies and risk assets.
However, well-known trader and analyst Rekt Capital remains optimistic about the market structure.
He stated that BTC/USD is still trying to form new support after breaking a weeks-long downtrend.
He attached this analysis to the daily chart and summarized: "If the price can stabilize here (perhaps forming a bullish flag), it may attempt to return to the upper range high (blue) again."
Related: Ethereum ETF sees record $1 billion inflow, ETH shows bullish signals
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Analyst: Ethereum (ETH) Hits Multi-Year High as Tom Lee's BitMine Plans to Raise $20 Billion in ETH”
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