The recent massive rally in Ethereum (ETH) has investors eyeing its next target. Cryptocurrency analyst Miles Deutscher assessed the potential price levels for ETH, citing previous bull markets.
“During major bull runs, ETH typically reaches 35% of Bitcoin’s market cap. We saw around 35% in 2017 and 36% in 2021. Based on Bitcoin’s current market cap, this would take ETH to around $6,000. At a BTC price of $150,000, ETH could reach over $8,000,” Deutscher said.
The surge in ETH prices is driven by BitMine Immersion Technology (BMNR), which has transitioned from Bitcoin mining to an Ethereum accumulation strategy. Led by Fundstrat's Thomas Lee, the company aims to raise up to $20 billion in additional capital by expanding its share sale program. The majority of this funding will reportedly be used to purchase ETH.
The company, which previously authorized a $4.5 billion stake sale through Cantor Fitzgerald and ThinkEquity, announced that it has sold almost all of that amount, leaving only $723 million remaining.
*This is not investment advice.
