Ethereum Climbs to $4,600 – Bulls Eye a Fresh All-Time High
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.
Institutional Demand Heats Up
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.
What’s Next for ETH?
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.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
