Ethereum smashes local highs in Japan, Korea – Is a move to $4,500 next?
With local all-time highs in these nations, Ethereum has nowhere to go but up.
Key Takeaways
Ethereum set fresh highs in Japan and South Korea, driven by corporate accumulation and rising leverage. ETH has been trading near $4,300 lately, with momentum building towards a global all-time high.
Ethereum [ETH] has found fresh fuel in Asia.
Its price climbed to local all-time highs in Japan and South Korea, proving that demand runs deeper than simple currency moves.
Such a rally is also a sign of robust regional demand, rather than just simple currency effects. Especially since both the Yen and the Won have strengthened against the U.S dollar this year.
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 [BNMR] 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
Data from CoinGlass revealed that ETH Futures Open Interest stood at $51.61 billion on 8 August (last recorded data), near record territory.
The steady uptick in OI since mid-July, alongside a price surge, hinted at a build-up of leveraged positions betting on further upside.
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 picture
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.
