The Ethereum price prediction has received a big boost today, after The Ether Machine announced yesterday that it added another 150,000 ETH to its treasury.
This brings the investment firm’s total holdings to almost 500,000 ETH, worth around $2.19 billion at today’s price.
The addition comes amid a particularly exciting time for Ethereum accumulation, something which has helped the Ethereum price climb to $4,372, marking a 23% increase in a month and a 74% increase in the past year.
And given Ethereum’s almost peerless fundamentals, it’s likely that the coin will continue to attract institutional over the coming months, pushing its price even further.
Ethereum Price Prediction: Wall Street-Backed Fund Adds 150,000 ETH – Institutions are Buying Now
The Ether Machine has been accumulating Ethereum since late July, when it announced a purchase of 15,000 ETH, becoming the third-largest holder of the coin among publicly listed companies.
Well, now it has announced a new raise of 150,000 ETH, with prominent Ethereum investor Jeffrey Bern investing the tokens in the company.
This reinforces its position as the third-largest Ethereum holding company, behind Bitmine and SharpLink, and it also boosts the bull case for Ethereum itself.
Ethereum has enjoyed a spree of corporate and institutional investment over the past couple of months, with the latest CoinShares report indicating that extant ETH ETFs have assets under management of $37.9 billion.
And if we look at the Ethereum price chart today, we see that the alt is maintaining its momentum, which may be strengthening again.
For instance, its relative strength index (yellow) has bounced off the 50 line and has resumed rising.
Source: TradingViewOn the other hand, its MACD (red, green) is still declining from an overbought position, so there remains a chance that we could continue to see falls over the coming month.
However, Ethereum’s fundamental position is so strong that we can expect a strong end to the year, especially if the SEC gives the green light to the current backlog of alt ETF applications.
This could instigate another alt season, which Ethereum is likely to lead, given its position as the biggest layer-one blockchain (by quite some margin).
Based on these factors, Ethereum could slip closer to $4,000 over the next one or two weeks before mounting a recovery.
And if the Fed does cut rates this month, it could pass $5,000 by the end of October, before rising closer to $10,000.
Bitcoin Hyper Raises $13.6 Million As Presale Hots Up: Next Big L2?
It seems hard to argue against Ethereum leading any incoming alt season, yet ETH certainly won’t be the only alt to watch out for in the coming weeks.
It’s also worth keeping an eye on newer altcoins, including presale tokens, since these can often outpace the market when they gain new exchange listings.
A strong example of a coin currently holding its presale is Bitcoin Hyper (HYPER), a layer-two network for Bitcoin.
It has raised a very impressive $13.6 million in its presale, while its official X account has garnered more than 14,000 followers.
This is a promising sign of Bitcoin Hyper’s future, with the project attracting investors by dint of its roadmap.
It will launch a dedicated, smart contract-enabled layer-two network for Bitcoin, offering BTC holders lower fees and higher speeds.
Making use of Solana’s Virtual Machine (SVM) and zero-knowledge rollups, Bitcoin Hyper offers unsurpassed speed, scalability, security and privacy.
It aims to develop a wide-ranging ecosystem of DeFi protocols and dapps, which will enable investors to tap into Bitcoin’s value for extra profit.
Native token HYPER will have a max supply of 21 billion tokens, with holders able to stake the coin.
You can buy it now by going to the Bitcoin Hyper website, where HYPER is currently selling for $0.012845.
Visit the Official Website Here
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