Ethereum eyes breakout to $5,000 as Cathie Wood bets on ETH treasury firm – Crypto News – Crypto News
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Ethereum eyes breakout to $5,000 as Cathie Wood bets on ETH treasury firm – Crypto News

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6 months ago

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  • Ethereum trades above $4,600 as bulls target a breakout to $5,000
  • A surge in Ethereum ETF net inflows and broader crypto bounce give buyers an edge.
  • Tom Lee has predicted the ETH price surging to $5,500 and possibly $10,000 in 2025.

Ethereum price hovers at around $4,595, slightly down in the past 24 hours but above a key support level as bulls eye a potential breakout to $5,000.

The outlook for ETH is thus largely bullish as renowned investor Cathie Wood’s ARK Invest bets on Ethereum’s future gains with a splash in BitMine Immersion Technologies.

BitMine, an Ethereum-focused treasury firm, has aggressively amassed the top altcoin in a show of institutional confidence in the second-largest cryptocurrency.

Ethereum holds $4,500 as Cathie Wood bets on BitMine

Notably, in recent weeks, Ethereum has shown resilience as bulls hold prices above $4,000 and then $4,500 despite recent market volatility.

This stability has coincided with a surge in interest in the altcoin on Wall Street, most notably via publicly traded SharpLink and BitMine.

Cathie Wood’s ARK Invest, which is a big investor in cryptocurrencies and related companies, has taken a bold step in betting on Ethereum via BitMine.

Over the past few weeks, Wood’s asset management firm acquired over $300 million in BitMine shares across its flagship ETFs, including ARKK, ARKW, and ARKF.

BitMine, which pivoted from Bitcoin mining to building an Ethereum treasury, currently holds over $7.5 billion worth of ETH.

The haul makes it the largest corporate holder of Ethereum, whose price has jumped 19% in the past month and over 83% in the past year.

ETH price forecast: $5,000 next as institutional interest spikes

Analysts are increasingly bullish on Ethereum, with many forecasting a breakout above $5,000 after bulls recently hit the all-time high of $4,946.

Ethereum’s surge to a new ATH came amid growing demand and buying among whales and Wall Street players.

With regulatory developments buoying DeFi and stablecoin ecosystems, ETH gained in market dominance.

Meanwhile, institutional interest, signalled by a spike in net inflows into Ethereum ETFs, has catalysed Ether’s price gains.

As crypto analyst Lark Davis points out below, over $1.8 billion has flowed into ETH in the past five days.

Analysts have forecast a surge past $10,000 for Ethereum in 2025, with firms like BitMine driving the uptick.

Over the short term, ETH is expected to rally above $5,000 amid price discovery.

Recently, Bitmine chairman Tom Lee predicted that Ethereum’s ETH price could rise to $5,500 in the coming months, with bulls jumping as high as $10,000-$12,000 by the end of the year.

The price of ETH topping the $5k level is the bulls’ first target.

Given a technical picture that’s overall bullish, this outcome could catalyse gains for many ETH beta plays.

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