Ether Rallies 15% in Five Days on BitMine Buying, Glamsterdam Upgrade Optimism

Ether has rallied 15% over the past five days, putting the token back on track toward $2,000. Steady buying by BitMine Immersion Technologies and optimism over an Ethereum network upgrade have supported the advance.

Cointelegraph reported on July 7 that Ether rebounded from a June 26 low of $1,500 and was trading in the $1,800 range. Over the past 30 days, it has outperformed the broader digital-asset market by 7 percentage points relative to total crypto market capitalization.

BitMine Immersion Technologies' purchases have helped reinforce support around $1,500. The company bought an additional 325,000 ETH over the past month, lifting its total holdings to 5.74 million ETH. It is sticking to its goal of securing 5% of total Ether supply despite unrealized losses of about $8 billion.

Optimism over a network upgrade has also improved investor sentiment. The Glamsterdam upgrade, now in testing, is set to boost network speeds through parallel transaction processing and expand data capacity. Building infrastructure suitable for institutional financial services is also one of the upgrade's main goals.

Robinhood's July 2 launch of Robinhood Chain, an Arbitrum-based Ethereum layer-2 network, also added to the positive mood. The company started offering tokenized stock trading in more than 120 countries and introduced integrations with major decentralized-finance protocols including Uniswap, 1inch and Morpho.

Caution persists in the derivatives market. On Deribit, the put-call skew for Ether options stands at 9%, down from 15% a week earlier. A reading above 12% is typically classified as extreme fear.