Ethereum (ETH) has surged to unprecedented price levels in Japan and South Korea, driven by aggressive institutional accumulation and robust regional demand. The cryptocurrency is currently trading near $4,300 as bullish technical indicators signal potential for further gains.
ETH reached record-breaking valuations of ¥639,455 in Japan and ₩5.97 million in South Korea, surpassing previous peaks from late 2021. This momentum coincides with revelations that U.S.-listed Bitmine Immersion Technologies has accumulated over $2.9 billion in ETH, aiming to control up to 5% of Ethereum’s total supply.
Heightened derivatives activity and strong spot demand across Japanese and South Korean exchanges are amplifying price movements. Institution-led buying pressure, coupled with retail investor participation, continues to propel ETH’s upward trajectory.
Technically, Ethereum maintains strength by trading above its 9-day and 21-day Simple Moving Averages. The Relative Strength Index (RSI) reading near 73 confirms prevailing bullish momentum.
The current setup suggests a potential breakout if ETH consolidates above $4,200, with the next significant resistance level positioned at $4,500. Market analysts attribute this surge to growing institutional interest in Ethereum’s blockchain capabilities alongside expanding adoption in Asian markets.