Ethereum News Today: Ethereum Surges to New Yen and Won Peaks in Japan and South Korea Driven by Institutional Buying and Derivatives Momentum

Ethereum has surged to record levels in Japan and South Korea, driven by strong institutional accumulation and rising leverage in derivatives markets. On July 30, ETH reached ¥639,455 in Japan and ₩5.97 million in South Korea, both exceeding previous peaks set in late 2021 [1]. These local highs highlight a growing appetite for the asset in the region, even as the U.S. dollar value of ETH hovered near $4,257, still below its November 2021 global high of $4,891 [1].

The rally appears to stem from a combination of factors, including increased corporate and institutional buying, particularly from U.S.-listed companies like Bitmine Immersion Technologies (BNMR), which has accumulated over $2.9 billion in ETH and aims to control up to 5% of the total supply [1]. This aggressive accumulation reflects confidence in the long-term utility and value of Ethereum, especially with the broader crypto market benefiting from improved sentiment following the SEC’s softer stance on XRP and potential integration into retirement investment products [1].

Derivatives activity has also played a significant role in amplifying bullish momentum. As of August 8, Ethereum futures open interest stood at $51.61 billion, nearing record levels [1]. This increase in leveraged positions, combined with rising spot demand in Asia, has added fuel to the price movement. Analysts have noted that if ETH consolidates above $4,200, the next key resistance level is $4,500, which could serve as a major test before potentially breaking out to new highs [1]. While no official forecasts have been cited, the technical setup suggests that the path to $4,500 remains viable provided the price structure holds and volume continues to support the trend.

On the technical charts, ETH has traded above both its 9-day and 21-day simple moving averages, confirming the ongoing uptrend [1]. The relative strength index (RSI) is currently around 73, indicating strong momentum but also signaling proximity to overbought territory. This suggests a potential period of consolidation or volatility before the next significant price move.

The surge in local value for Ethereum in Japan and South Korea underscores the asset’s global appeal, even as it remains below its 2021 global peak. With institutional demand showing no signs of slowing and derivatives activity reaching new heights, the stage appears set for further gains—if the market can maintain its current structure and avoid key breakdowns [1].

Sources:

[1] Ethereum smashes local highs in Japan, Korea – Is a move to $4,500 next? (https://ambcrypto.com/ethereum-smashes-local-highs-in-japan-korea-is-a-move-to-4500-next/)

[2] Ethereum Hits ¥639455 in Japan on Surge in Institutional Buying (https://www.ainvest.com/news/ethereum-news-today-ethereum-hits-639-455-japan-surge-institutional-buying-2508/)