Ethereum, the second largest cryptocurrency has seen a 27% jump in the past month following a surge in institutional demand. BitMine, which owns 4.8% of all ETH, has added 9,946 ETH to its holdings, taking its total to 5.79 million ETH.
Now, with ETH near $1,980, traders are looking to break the $2,156 June high.
BitMine Adds 9,946 Ethereum
BitMine, led by chairman Tom Lee, bought another 9,946 ETH over the past week, taking its total to 5,787,414 ETH.
The company now owns about 4.8% of Ethereum in circulation, making it one of the largest holdings of ETH. BitMine has recovered 4,917,189 ETH, or about 85% of its total holdings.
Its total cryptocurrencies, currencies, marketable securities, and other investments have reached $11.8 billion.
Demand for ETFs has remained strong. Last week, the US location Ethereum ETF price history nearly $104 million in gross revenue, marking their third straight week of positive revenue. On the other hand, Bitcoin ETFs saw only $33 million in inflows.
ETH Has Started To Outpace Bitcoin
Ethereum is also growing against Bitcoin after the recent price jump. ETH has gained about 4.26% in the last 24 hours, while Bitcoin has gained about 1.13%, showing strong buying interest in ETH.
The ETH/BTC pair rose towards 0.030 after breaking the trend that had kept Ethereum weaker than Bitcoin for months.
Ethereum’s internet services are also close to Bitcoin. Latest information from Token Terminal demonstrations around 395,300 daily users on Ethereum, compared to around 418,300 on Bitcoin. This small difference shows the strong work that is still going on in the Ethereum network.
The difference is close to only 23,000 users, showing that Ethereum continues to see strong network usage.
Ethereum Price Eyes $2,156
Looking at ETH’s weekly chart, $2,156 is the next major resistance, reflecting the June highs.
However, sell the right orders about $3.6 million they are sitting around the $1,975-$2,000 zone, which will slow down the current move.
A clean break above $2,156 could open the door to $2,461, the next major target on the monthly chart.
If sellers reject ETH near $2,156, the price may fall to $1,835 first. A strong correction could send ETH to $1,508, while a strong lower support is around $1,369.
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