Ethereum (ETH) has surged to $4,606, marking an 8.9% daily gain and a 27% rise over the past week, bringing it within striking distance of its all-time high.
The rally has reignited investor optimism, with analysts pointing to even higher targets in the months ahead.
Market strategist Miles Deutscher notes that during previous bull runs, Ethereum’s market cap typically reached around 35% of Bitcoin’s. If that historical trend repeats, ETH could climb to $6,000 based on Bitcoin’s current valuation — and potentially exceed $8,000 if BTC hits $150,000.
Fueling this rally is a shift in strategy from BitMine Immersion Technologies (BMNR), which has pivoted from Bitcoin mining to aggressive Ethereum accumulation. The company, backed by Fundstrat’s Thomas Lee, plans to raise up to $20 billion to purchase ETH, citing the long-term potential of staking yields and decentralized finance.
This aggressive move mirrors MicroStrategy’s well-known Bitcoin strategy, with the potential to remove a significant portion of ETH’s circulating supply from the market. If executed in full, the purchases could account for roughly 4.3% of total ETH supply, creating notable demand pressure.
The buying spree follows a record-breaking $1 billion single-day inflow into BlackRock’s spot ETH ETF on August 11, signaling robust institutional appetite for the asset.
Ethereum’s technical indicators support the bullish outlook. The weekly RSI is hovering above 72, a sign of strong momentum, while MACD readings point to sustained upward pressure. Should ETH break its previous record, the next major psychological barrier lies at $5,000, with potential for a sharp move toward $6,000 if buying volume remains strong.
Investors will be closely watching whether BitMine accelerates its purchase schedule, as rapid acquisitions could tighten liquidity and push prices up even faster.
