Ethereum (ETH) is showing strength amid a new altseason, reinforcing its position in the cryptocurrency market.
Ethereum Strengthens as Drawdowns Shrink
According to recent data from CryptoQuant, Ethereum is currently just 23% below its all-time high of $4,871. ETH's price has steadily climbed since 2023, showing fewer deep drawdowns compared to earlier market cycles.
Cryptocurrencies like Ethereum have begun to surge following Bitcoin's breakout to around $120,000. As a result, ETH has surged over 170% from its recent lows and is now trading close to its all-time high.
The Ether Machine Becomes Third-Largest Corporate Holder of ETH
The Ether Machine has acquired $56.9 million worth of ETH, bringing its total holdings to 34,800 ETH, valued at approximately $130.8 million at current prices. This acquisition has made The Ether Machine the third-largest corporate holder of Ethereum, following Bitmine Immersion Tech and SharpLink Gaming.
Strong Buying Pressure on ETH
Traders report strong buying pressure, helping ETH hold above the $3,800 mark. This sustained support, coupled with ongoing momentum, signals potential for Ethereum to push further toward its 2021 highs.
Thus, Ethereum continues to strengthen in the face of growing interest from institutional investors and the overall positive dynamics in the altcoin market.
