Ethereum Price Rises Above $4,700
Ethereum (ETH) price climbed above $4,700 on Monday. It gained 4.5% in the last 24 hours. This rise followed BitMine’s recent purchase of 179,251 ETH.
BitMine Increases Ethereum Holdings to 2.83 Million ETH
BitMine Immersion Technologies bought 179,251 ETH last week. This brought its total holdings to 2.83 million ETH. That is about 2.34% of Ethereum’s circulating supply, according to Ultrasound.money.
BitMine aims to own 5% of all ETH in circulation. Its chairman, Thomas Lee, calls this goal the “alchemy of 5%.”
The Nevada-based company also holds 192 Bitcoin (BTC), a $113 million stake in Worldcoin treasury Eightco Holdings (ORBS), and $456 million in cash.
BitMine switched to an ETH treasury in July after buying $500 million worth of ETH. It is now the largest publicly traded Ethereum treasury. Its closest rival, SharpLink Gaming, holds about 838,730 ETH.
BitMine is the second-largest digital asset treasury globally, after Bitcoin-focused Strategy with $80.3 billion.
BitMine shares rose 10%, from $59.5 to $62.6 on Monday.
Grayscale launched staking for its US-listed spot ETH ETFs. These include the Grayscale Ethereum Trust ETF (ETHE) and Ethereum Mini Trust ETF (ETH). Investors can now earn extra yields through staking.
Spot ETH ETFs had $1.3 billion in net inflows last week. This was their fourth-highest weekly inflow on record.
Ethereum Eyes $4,800 After Breaking Key Resistance
Ethereum saw $73.7 million in futures liquidations in the last 24 hours. Short liquidations made up $56.5 million, according to Coinglass data.
On Monday, ETH broke above a descending trendline resistance from August 24. It had faced three rejections at this level in the past three days.
The next resistance is near $4,800. If ETH moves above this, it could test its all-time high of $4,956.
On the downside, support may appear near the 50-day Simple Moving Average (SMA). The $4,100 level could also act as strong support.
The Relative Strength Index (RSI) is close to overbought levels. The Stochastic Oscillator has been overbought since last week. This shows strong bullish momentum but also raises the chance of a short-term pullback.
