- The Ethereum price gives bullish breakout from $2,142 resistance, signaling a bullish breakout from long consolidation.
- Bitmine Immersion Technologies acquired 60,999 ETH within a single week.
- Farside Investors shows the U.S.-based spot ETFs collectively recorded a $19.7 million inflow on Monday.
ETH, the native cryptocurrency of the layer-1 blockchain Ethereum is up 7.5% on Monday, to trade at $2,343. The bullish momentum is spread across the broader crypto market as the U.S. President Donald Trump said that Iran “wants to make a deal” to end the ongoing U.S.-Israeli military conflict. While he maintains that he is not yet ready to agree to one, the market reacted positively as raised digital assets with renewed momentum. The Ethereum price gained additional traction following the continued accumulation from corporate firms, renewed ETF inflow, and short-liquidation.
ETH Outperforms S&P 500 as Corporate Demand Surges
In an eight-day rally, the Ethereum price jumped from $1,810 to $2,351 current trading value, registering a 21.5% gain. Consequently, the asset market cap surged to $284.1 billion.
While the ongoing conflict in the middle east has notably impacted the recovery force in ETH, the underlying buying pressure is strengthening amid corporate adoption.
Bitmine Immersion Technologies, chaired by Thomas “Tom” Lee, reported buying 60,999 ether (ETH) in the past week. This number is over the company’s average weekly acquisitions of 45,000 to 50,000 ETH in previous periods. The move comes as geopolitical tensions in the Middle East including an Iran conflict have played into market dynamics.
“Since the start of the Iran war, crypto prices have outperformed and Ethereum has outperformed the S&P 500 by 2,450bp. This is a meaningful outperformance in a mere two weeks,” said Thomas “Tom” Lee, Chairman of Bitmine.
In a separate transaction, Bitmine purchased 5,000 ETH directly from the Ethereum Foundation in an over the counter transaction that was valued at approximately $10.2 million. The arrangement enabled the Foundation to raise money for its continuing development work without having to sell holdings on public exchanges. Bitmine said the purchase was a way to support the goals of the Foundation.
Wider reaching data from market researcher Leon Waidmann shows that companies holding treasuries in Ethereum currently manage more than 7.27 million ETH, which equates to roughly $15.1 billion. This accounts for about 6% of the total ETH supply across 67 such entities with holdings growing and growing considering ongoing trends of accumulation.
Such large scale accumulation by whale and corporate firms often suggest strong underlying demand for Ethereum, bolstering its potential for recovery.
Veteran Trade Hints Potential Recovery Ethereum Price Analysis
In a recent X post, veteran trader Peter Brandt shared its Ethereum price analysis on a monthly and daily chart.
The higher time frame chart shows a long consolidation trend within two converging trendlines, suggesting a triangle-like chart pattern. The chart setup is a classic continuation pattern, often spotted in between established trends, and bolster price to replenish prevailing momentum.
Amid the geopolitical tension in the middle east, the coin witnessed a over a month long consolidation at the bottom trendline of triangle pattern. The daily chart highlights that the ongoing price recovery has breached the pattern’s resistance trendline at $2,142.
If history repeats, this upswing could kickstart a fresh recovery cycle with the long-consolidation trend of monthly charts.
