Ethereum, the second largest cryptocurreny has seen a jump of 27% in the past month following the rise in institutional demand. BitMine, which owns 4.8% of the total 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 watching whether it can break the key $2,156 June high.
BitMine, led by chairman Tom Lee, bought another 9,946 ETH over the past week, taking its total holdings to 5,787,414 ETH.
The company now holds around 4.8% of Ethereum’s circulating supply, making it one of the largest institutional bets on ETH. BitMine has also staked 4,917,189 ETH, or about 85% of its total holdings.
Its total crypto, cash, marketable securities, and other investments have now reached $11.8 billion.
ETF demand has also remained strong. Last week, U.S. spot Ethereum ETFs recorded around $104 million in net inflows, marking their third straight week of positive inflows. On the other hand, Bitcoin ETFs saw only $33 million in inflows.
Ethereum is also gaining ground against Bitcoin after its recent price jump. ETH rose about 4.26% in the past 24 hours, while Bitcoin gained around 1.13%, showing stronger buying interest in ETH.
The ETH/BTC pair has climbed toward 0.030 after breaking above a falling channel that had kept Ethereum weaker than Bitcoin for months.
Ethereum’s network activity is also close to Bitcoin. Recent data from Token Terminal shows around 395,300 daily active users on Ethereum, compared with about 418,300 on Bitcoin. This small gap highlights the strong activity still taking place on the Ethereum network.
The gap is only around 23,000 users, showing that Ethereum continues to see strong network use.
Looking at the weekly ETH chart, $2,156 is the next major resistance, marking the June monthly high.
However, sell orders worth roughly $3.6 million are sitting around the $1,975-$2,000 zone, which could slow the current move.
A clean break above $2,156 could open the door toward $2,461, the next major target on the monthly chart.
If sellers reject ETH near $2,156, the price could first fall toward $1,835. A deeper correction could send ETH toward $1,508, while stronger downside support sits near $1,369.
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