Ethereum soars 9% on big money inflows, bulls target $2,500 break

The cryptocurrency market has resumed its bullish move following the selloff on Sunday.

Bitcoin, the leading cryptocurrency by market cap, is approaching the $75,000 level after adding nearly 5% to its value in the last 24 hours.

Ethereum (ETH) is the best performer among the top 10 cryptocurrencies by market cap.

The coin is up 9% in the last 24 hours and is now approaching the $2,400 level.

Institutional demand for ETH pushes price higher

ETH is the best performer among the leading cryptocurrencies by market cap, thanks to growing institutional demand. 

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) expanded its digital asset holdings last week, acquiring 71,524 ETH, its largest purchase since last December.

Thanks to this latest acquisition, BitMine now holds 4.87 million ETH, worth about $10.7 billion at the time of writing.

BitMine said the holdings represent 4.04% of Ethereum’s circulating supply, putting it about 81% of the way toward its “Alchemy of 5%” target.

The firm also reported holdings of 198 Bitcoin (BTC), a $200 million stake in Beast Industries, an $85 million stake in Worldcoin treasury Eightco Holdings (ORBS), and total cash of $719 million.

While commenting on this latest move, BitMine Chairman Thomas Lee reiterated claims that "ETH is the best performing asset" since the commencement of the US-Israel war with Iran. 

Lee added that ETH has outperformed the S&P 500 by 1,830 basis points and "beating gold by 2,743 basis points demonstrates ETH is the wartime store of value."

The company revealed that it has also staked 3.33 million ETH from its holdings via its Made in America Validator Network (MAVAN).

The staked assets are projected to earn an annualized staking revenue of $212 million.

Data obtained from CoinGlass also shows that Ethereum ETFs saw an inflow of 4,340 Ether tokens on Monday.

The inflows were led by products from BlackRock, Grayscale and Fidelity, according to CoinGlass data.

Ethereum price forecast

The ETH/USD 4-hour chart is bullish but inefficient thanks to the rally over the past few hours. 

At press time, ETH is trading at $2,391, surpassing the 100-day EMA a few hours ago.

ETH is currently trading above the 20, 50, and 100-day Exponential Moving Averages (EMAs), indicating a strong bullish bias.

The Relative Strength Index (RSI) at 73 and a bullish MACD line suggest room for further gains. 

If the rally continues, ETH could surge past the $2,500 psychological level. A daily close above this level would open the way toward $2,746 and then $3,411.

However, if the market undergoes a correction, first support emerges at $2,211, with the 20 and 50-day EMA reinforcing a nearby demand area.

The ongoing situation in the Middle East will continue to affect the broader crypto market.

If the United States and Iran reach a deal, Bitcoin, Ether, and other major cryptocurrencies would embark on an extended rally.