ETH Reaches Record Heights in Asia – Can It Maintain the Momentum?

Ethereum (ETH) has been making waves in Asia, recently hitting new all-time highs in Japan and South Korea.

On August 10, ETH reached ¥639,455 in Japan and ₩5.97 million in South Korea, surpassing the previous peaks set in late 2021.

While ETH’s value in USD is currently hovering around $4,257 , it’s still a ways from its global record of $4,891.

But this surge is more than just currency fluctuations—it’s a clear sign of strong regional demand, supported by institutional interest and growing market confidence.

A Surge Fueled by Institutional and Corporate Interest

The growing demand for Ethereum in Asia isn’t just driven by retail traders. Institutional interest is also playing a key role.

Bitmine Immersion Technologies, a company listed in the U.S., has accumulated over $2.9 billion worth of ETH, with plans to corner as much as 5% of the total supply.

This aggressive accumulation strategy is a sign that big players are confident in ETH’s long-term value.

At the same time, Ethereum Futures Open Interest has recently hit $51.61 billion, reflecting the increased interest in leveraged positions.

The steady rise in Futures Open Interest, combined with ETH’s price surge, indicates that many traders are betting on further upside, amplifying the price action.

Technical Strength Shows Promise

From a technical perspective, Ethereum is showing strong momentum. It’s trading above its 9-day and 21-day simple moving averages (SMAs), indicating a healthy uptrend.

The Relative Strength Index (RSI) is sitting around 73, which reflects strong buying interest but also suggests that ETH is approaching overbought conditions.

However, if ETH can maintain its momentum and hold above the key support level of $4,200, the next major resistance level will likely be $4,500.

If ETH can break through this, it could be in store for another breakout, potentially reaching new all-time highs.

Social Media Buzz: Growing Interest in Ethereum

Another factor contributing to ETH’s recent rise is the growing buzz on social media.

As Ethereum’s price climbs, more discussions are taking place online, increasing its visibility and attracting more retail investors.

Social Dominance for Ethereum has been rising steadily, which often signals that more people are paying attention to the asset.

This growing online chatter is backed by solid on-chain data and technical strength, suggesting that this rally isn’t just driven by social hype but by strong fundamentals.

Ethereum’s prospects seem to be improving with each passing day, and its recent breakout could just be the start of a much larger move.

What’s Next for Ethereum?

As Ethereum continues to break records in Asia, it’s clear that demand for the second-largest cryptocurrency is growing.

With strong institutional interest, positive technical indicators, and increasing social media buzz, ETH is on track for a potential breakout towards $4,500—and beyond.

The real question now is: Can ETH break through the $4,500 resistance level and reach new highs?

If the bullish trend continues, Ethereum could soon make another run at its global all-time high of $4,891.

For now, Ethereum’s momentum looks strong, and investors will be watching closely to see how high it can go.