Tom Lee splashes out $20 billion! BitMine launches ETH accumulation plan, Ethereum surges to multi-year high.

The crypto market welcomes significant favourable information - BitMine announces the expansion of its Ethereum (ETH) accumulation plan to nearly $25 billion, with an additional $20 billion fundraising quota. Following the news, ETH surged nearly 6% on the same day, with prices approaching $4,500, reaching a new high since the end of 2021, just $500 short of its historical peak. Market analysis believes that the operational methods of BitMine's chairman Tom Lee are similar to those of Bitcoin whale Michael Saylor, bringing strong upward momentum to ETH.

BitMine Fundraising Plan Boosts ETH Market Heat

According to the latest documents submitted to the U.S. Securities and Exchange Commission (SEC), BitMine Immersion Technologies has raised the total amount of its common stock available for sale to $24.5 billion, including an additional $20 billion fundraising limit. This funding will be used for the ongoing purchase of ETH, increasing the total value of Ethereum held by the company from $4.96 billion the previous day to nearly $25 billion.

Market observers point out that this is a rare large-scale single asset accumulation plan in the encryption field, which is similar in essence to Michael Saylor's long-term strategy of accumulating Bitcoin.

ETH price breaks key resistance, bullish sentiment soars

On-chain and market data indicate that ETH/USD reached $4,457 on a certain CEX exchange, marking the highest level in nearly four years. This price is only about $500 away from the historical high, and the technical analysis has broken through multiple resistance levels.

Crypto analyst Michaël van de Poppe pointed out that ETH has surged over 100% in less than two months, showing a trend similar to when Bitcoin ETF was listed. He predicts that ETH is likely to reach a new high before entering a short-term consolidation phase.

Technical Indicators and Target Price Outlook

(Source: Trading View)

Material Indicators co-founder Keith Alan believes that the current upward trend of ETH "defies gravity" and points out that a pullback near the 21-day simple moving average (SMA) will be a "great buying opportunity."

Previous analysis has set a long-term target price for ETH at $20,000. If the accumulation plan of BitMine continues to advance, the market's capital and supply-demand structure will support that target.

Bitcoin maintains fluctuations, altcoins become the focus

(Source: Trading View)

Compared to the strength of ETH, Bitcoin (BTC) continues to fluctuate below $120,000, failing to break through its previous high. Although the U.S. CPI data for July came in below expectations, providing a basis for the Federal Reserve to cut interest rates in September, the flow of funds indicates that altcoins are becoming the focus of the market.

The well-known trader Rekt Capital pointed out that BTC has broken through several weeks of downward trend, and if it can stabilize at the new support level, there is still a chance to challenge the range high point again.

Conclusion

The BitMine $20 billion fundraising plan led by Tom Lee has injected unprecedented momentum into the Ethereum market. The ETH price is just one step away from its historical high, with both technical and financial aspects showing bullish advantages. As institutional funds continue to flow in, the crypto market may welcome a new wave of major uptrend. Investors should closely monitor the progress of BitMine's fundraising and the changes in key ETH price levels, as these factors will directly impact the market trends in the coming months. For more real-time quotes and in-depth analysis, please follow the official Gate platform.