Key Points

• Ether has raised its ETH accumulation target to nearly $25 billion, gaining almost 6% in a single day.

• Chair Tom Lee drew a parallel between himself and Michael Saylor, as he described ETH’s price movement as “ignoring gravity.”

• Bitcoin remains under $120,000, seemingly unfazed by recent positive US CPI figures.

On Tuesday, Ether (ETH) neared $4,500.

Ether prices approaching historic highs

According to Cointelegraph Markets Pro and TradingView, ETH/USD hit $4,457 on Bitstamp, marking the highest price since December 2021.

After a remarkable rise, the pair overcame resistance following an announcement from blockchain company Bitmine Immersion Technologies that it plans to raise up to $20 billion for ETH acquisitions.

This initiative aims to secure total ETH holdings worth $24.5 billion, expanding on its existing assets. Just the day before, Bitmine had reported an ETH holding of $4.96 billion.

The US Securities and Exchange Commission (SEC) verified this plan on Tuesday.

“The supplement to this prospectus has increased the total amount of common stock that may be sold under a sales agreement to up to $24.5 billion.

Bitmine’s stock rose by 5.6% at the time of writing, while ETH/USD experienced similar gains.

Market players are generally optimistic about ETH’s price trajectory.

“$eth has surged more than 100% in a couple of months,” commented crypto trader and analyst Michaël van de Poppe.

“This situation could be likened to the launch of the $BTC ETF, which drove Bitcoin prices upward. Perhaps we’ll witness a new ATH for $ETH, followed by additional integrations.”

Crypto investor and entrepreneur Ted Pillows compared Bitmine Chairman Tom Lee to Strategic CEO Michael Saylor, who has overseen significant Bitcoin accumulation.

“We’ve finally got ourselves a $eth Michael Saylor. Bitmine aims to purchase $20 billion in Ethereum.”

“$eth seems to be defying gravity,” observed Keith Allan, co-founder of a crypto trading platform.

Allan noted that the chance to buy during dips at the 21-day simple moving average (currently at $3,822) is a “gift.”

Previously, Cointelegraph reported that new ETH price targets have now been discussed, pointing towards $20,000 per coin.

Bitcoin’s ongoing fluctuations

Meanwhile, Bitcoin continues to fluctuate after a recent failed attempt to set a new all-time high.

Related: Bitcoin’s “Ugly” BTC Price Candle Targets $95,000 Following Breakout

The favorable July Consumer Price Index (CPI) news hasn’t provided the necessary momentum, as altcoins have taken center stage.

The July CPI came in at 0.1% below expectations, which may lead to interest rate cuts by the Federal Reserve during its next meeting in September—a potential boost for crypto and risk assets.

Still, trader and analyst Rect Capital expressed cautious optimism regarding market structure.

He indicated that BTC/USD is attempting to form new support levels after breaking a prolonged downtrend.

“If prices keep this stability (maybe forming a bull flag), we could see a reattempt to reach the upper range,” he noted.

This article does not provide investment advice or recommendations. All trading and investment activities carry risks, and readers should conduct their own research before making any decisions.