Ethereum Surges to $4,389 After BitMine’s $1 Billion ETH Acquisition

Ethereum's surge follows BitMine’s $1 billion purchase, positioning the company as the largest holder of ETH globally.

Analyst CryptoGoos describes Ethereum’s chart as the most bullish yet, with forecasts suggesting new all-time highs.

BMNR stock sees a 3.46% increase in pre-market trading, reflecting the impact of BitMine’s growing Ethereum treasury.

Ethereum (ETH) prices have seen a significant surge, gaining 5.39% to reach $4,389. This rise outpaced both Bitcoin’s 3.7% increase and the broader crypto market’s 3.68% growth. Ethereum broke through the $4,400 mark, a psychological barrier closely watched by traders. The surge follows a massive $1 billion purchase of Ethereum by BitMine, which bought 234,846 ETH, increasing its total holdings to 2.65 million ETH, valued at around $11 billion. This makes BitMine the largest holder of Ethereum globally.

BitMine’s recent acquisition places it ahead of competitors like SharpLink, led by Joe Lubin, and The Ether Machine, which hold smaller amounts of Ethereum. This purchase strengthens BitMine’s position in the cryptocurrency market, making it the second-largest public crypto treasury overall, trailing only Michael Saylor’s BTC holdings. BMNR stock also benefited, climbing by 3.46% in pre-market trading to $54.10, marking a significant upward move for both the company’s stock price and its ETH portfolio. The company’s market cap now stands at approximately $9.36 billion.

Ethereum’s Market Outlook Boosted by Analyst Optimism

CryptoGoos, a well-known analyst, has expressed that Ethereum’s current chart setup is the most bullish it has ever seen. Analysts are optimistic, with Ted Pillows highlighting that Ethereum has successfully reclaimed the $4,250 support level

He projects future targets at $4,500 and $4,750, speculating that the cryptocurrency could eventually test new all-time highs. This positive sentiment is also echoed by the inflows into U.S. spot ETFs, where Ethereum funds saw $80.79 million in investments.

Bullish Ethereum Forecasts Amid Strong Fundamentals

Ethereum’s growing fundamentals have further fueled bullish forecasts. Tom Lee has set a target for the token to reach $12,000 by the end of 2025. The combination of institutional investments, such as BitMine’s acquisition and strong market sentiment, has set the stage for Ethereum to potentially achieve new milestones in the coming months.

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