The recent surge in Ethereum prices has drawn investor attention. Cryptocurrency analyst Miles Deutscher assessed possible price levels for ETH, based on data from previous bull markets.
Expectations for Ethereum's Price Growth
Miles Deutscher noted that during major bull runs, Ethereum typically reaches 35% of Bitcoin's market cap. In 2017 and 2021, this figure was 35% and 36%, respectively. Based on Bitcoin's current market cap, ETH could rise to about $6000. At a BTC price of $150,000, ETH could exceed $8000.
BitMine Immersion Technology's Strategy
The rise in ETH prices is also supported by BitMine Immersion Technology (BMNR), which has shifted from Bitcoin mining to an Ethereum accumulation strategy. Led by Thomas Lee from Fundstrat, the company aims to raise up to $20 billion in additional capital by expanding its share sale program.
Financial Aspects and Share Sales
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.
Thus, the price growth of Ethereum may continue, considering both historical data and strategic moves by companies actively investing in ETH.
