Ethereum Approaches New Highs Amid Rising Demand in Japan and South Korea
Main Idea
Ethereum (ETH) has reached record highs in Japan and South Korea, driven by strong corporate accumulation and rising demand, trading near $4,300, with potential for further gains amid bullish technical indicators and institutional interest.
Key Points
1. ETH’s price surged to ¥639,455 in Japan and ₩5.97 million in South Korea, surpassing late 2021 peaks.
2. U.S.-listed Bitmine Immersion Technologies amassed more than $2.9 billion in ETH, aiming to corner up to 5% of the total supply.
3. Rising derivatives activity and strong spot demand in Japan and South Korea are amplifying price moves.
4. ETH is trading above its 9-day and 21-day SMAs, with RSI around 73, indicating a prevailing uptrend.
5. The current momentum could lead to a breakout, with the next resistance level at $4,500 if ETH consolidates above $4,200.
Description
Ethereum (ETH) has reached record highs in Japan and South Korea, driven by strong corporate accumulation and rising demand, trading near $4,300. ETH’s price surged to ¥639,455 in Japan and
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