Ethereum Rally Nears 2021 Peak on $20B BitMine ETH Plan
Ethereum surged to $4,625, its highest level since 2021. The rally represents a 54% gain month-over-month and lifted its market cap to $552 billion, just 5.3% below its all-time high.
The surge was fueled by BitMine Immersion Technologies filing an SEC prospectus to raise $20 billion. BitMine holds 1.2 million ETH (~$5.3 billion) and may add over 4 million ETH to its treasury. Analysts now see a $15,000 ETH price target as built-in.
Record spot ETH ETF inflows added $2.3 billion in five days. BlackRock’s ETF alone attracted $640 million in one session, with total ETH ETF flows outpacing Bitcoin since July. Strong institutional and retail adoption underpin a bullish outlook.
Chart patterns echoing the 2017 cycle and favorable monetary conditions suggest a parabolic run. Traders should watch dip-buying opportunities around the 21-day moving average and monitor ETF demand for further upside.
Bullish
The news combines strong on-chain and off-chain signals that point to further price upside for Ethereum. BitMine’s SEC filing to raise $20 billion for ETH accumulation signals significant institutional demand, while its existing 1.2 million ETH holding and potential 4 million ETH addition adds sustained buying pressure. Concurrently, record spot ETH ETF inflows—$2.3 billion in five days, including $640 million to BlackRock’s ETF—demonstrate growing institutional and retail participation. Chart patterns mirroring the 2017 cycle and a market cap just 5.3% below the all-time high further support a parabolic trajectory. In the short term, traders can watch dip-buying around the 21-day moving average; in the long term, structural adoption via ETFs and corporate treasuries underpins a bullish market environment.