Ethereum Approaches New Highs Amid Rising Demand in Japan and South Korea

• ETH’s price surged to ¥639,455 in Japan and ₩5.97 million in South Korea, surpassing late 2021 peaks.

• Strong regional demand indicates a robust market beyond mere currency fluctuations.

• Institutional interest is evident, with Bitmine Immersion Technologies acquiring over $2.9 billion in ETH.

Ethereum’s price has surged to record highs in Japan and South Korea, driven by strong demand and corporate accumulation. Discover more about this trend.

Ethereum Hits Record Highs in Japan and South Korea

On 10 August, ETH’s value touched ¥639,455 in Japan and ₩5.97 million in South Korea, surpassing the peaks set in late 2021.

On the other hand, its value in terms of USD seemed to be hovering near $4,257. For context, that is still below the November 2021 global record of $4,891.

Naturally, this can be seen as a sign of strong regional appetite, boosted by a wave of institutional and corporate interest.

In particular, U.S-listed Bitmine Immersion Technologies amassed more than $2.9 billion in ETH. It is now aiming to corner up to 5% of the total supply through aggressive accumulation.

Rising Derivatives Activity Adds Leverage to Bullish Setup

This kind of positioning often amplifies price moves, particularly when combined with strong spot demand like that seen recently in Japan and South Korea.

On top of that, broader altcoin sentiment has also improved on the back of the SEC’s softened position towards Ripple and XRP. The expected adoption in retirement investment products like the 401(k) has helped too.

Technical Picture Paints Bullish Outlook

On the technical front, ETH appeared to be trading above both its 9-day and 21-day SMAs at press time – proving the prevailing uptrend.

Moreover, the RSI hovered around 73. While this underlined the existence of strong momentum on the charts, it also hinted that the altcoin might soon tread the overbought zone.

While ETH remains roughly 12% below its global all-time high of $4,891 set in November 2021, the current momentum could cause a breakout soon.

If the bullish structure holds and price consolidates above $4,200, the next test will likely be the $4,500-resistance level before a potential run at new highs.

Key Takeaways

• Ethereum’s price surge: ETH has reached record highs in Japan and South Korea, driven by corporate accumulation.
• Strong regional demand: The price movements indicate a robust market beyond simple currency effects.
• Institutional interest: Companies like Bitmine Immersion Technologies are significantly investing in ETH.

Conclusion

Ethereum’s recent price movements reflect a strong demand driven by institutional interest and regional market dynamics. As ETH approaches key resistance levels, the outlook remains bullish, suggesting potential for further gains in the near future.