Ethereum Approaches New Highs Amid Rising Demand in Japan and South Korea

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.