Ethereum hits new multiyear high as Tom Lee's BitMine plans $20B ETH raise

Key Points

1. Ether (ETH) reached $4,457, its highest price since December 2021, driven by BitMine's $20 billion ETH accumulation plan, bringing total potential holdings to $24.5 billion.

2. BitMine's stock rose 5.6% following the announcement, with market participants bullish on ETH's price outlook, comparing the move to Bitcoin's ETF-driven rally.

3. ETH's price surge was accompanied by optimistic targets, including $20,000 per ETH, while Bitcoin remained stagnant despite favorable CPI data.

4. Bitcoin (BTC) stayed rangebound below $120,000, with analysts noting potential for a bullish breakout if stability is maintained.

5. The US CPI data came in 0.1% below expectations, providing a tailwind for crypto and risk assets, though Bitcoin failed to gain significant momentum.