BitMine Files to Raise Ethereum Purchase Plan to $24.5 Billion
Ethereum price reached $4,515 on Binance, marking a 6.31% increase, the largest daily gain since July 10. This rally follows BitMine Immersion Technologies' announcement of an expansion in its Ethereum purchase fundraising.
- BitMine plans to increase its equity program by $20 billion, totaling $24.5 billion.
- Funds will be used for additional ETH acquisitions, representing a five-fold increase from the previous $5 billion fundraise.
- BitMine currently holds over 1 million ETH, valued around $5 billion, making it the largest corporate holder of Ethereum.
- Fundamental Global aims to acquire 10% of ETH's total supply and is expected to announce similar fundraising efforts.
- The current market cap of Ethereum is $540 billion, with trading at $4,480.
Price Analysis
Ethereum's breakout above $4,500 is the first since early 2021, indicating potential for further gains. Key points include:
- MACD signals bullish momentum.
- Resistance is minimal until $4,820; a break could lead towards $5,000.
- A weekly close above $4,500 may trigger momentum buying.
- A close below $4,277 would indicate fading momentum.
