What’s driving ethereum higher today, and what’s next?

Ethereum posted gains in Tuesday’s trading, rising 3% over the past 24 hours as of 1:15 p.m. Eastern Time, while Bitcoin fell 0.4% during the same period.

The rise in Ethereum today is linked to news of increased support from major investors, as BitMine Immersion Technologies announced plans to issue an additional $20 billion worth of shares, using the proceeds to purchase more Ethereum.

A New Strategy to Strengthen Crypto Asset Reserves

BitMine Immersion filed with the US Securities and Exchange Commission (SEC) to increase the total planned stock sales by $20 billion, bringing the total value to about $24.5 billion. These funds will be directed toward purchasing more Ethereum.

The company, which brought on Tom Lee from Fundstrat as Chairman at the end of June, is betting this strategy will enhance Ethereum’s position in the digital asset market.

What’s Next for Ethereum?

After a decline in valuation over the first four months of 2025, Ethereum has seen a strong upward trend in recent months, gaining nearly 26% year-to-date. Growing government and institutional support has fueled this rise, especially after the passage of the GENIUS Act regulating stablecoins—a major boost for Ethereum since many leading stablecoins are built on its network.

While investing in Ethereum remains high-risk, key fundamentals have started to shift in its favor this year.

Not Ethereum Alone – Ripple Surges After Legal Victory and Institutional Moves

Ripple’s price jumped 11% over the past 24 hours, from $2.99 to $3.30, its highest level since July 28, supported by trading volume exceeding 300 million units, with peak turnover around 21:00 UTC on Thursday.

This surge followed the official end of the US SEC’s lawsuit against Ripple Labs, as both parties agreed to drop appeals before the Second Circuit Court of Appeals, removing the legal uncertainty that has surrounded Ripple’s regulatory status since 2020. Investors see this as opening the door to greater institutional participation, particularly in the United States.

From a technical perspective, analysis points to a bullish bias, with a flag formation pattern potentially pushing prices toward targets between $8 and $15 in the long term. A return above the $3.33 support level increases the likelihood of testing the near-historic peak around $3.60.

In derivatives, there has been strong activity in Ripple options, particularly in long straddle positions that indicate expectations of heightened volatility. Additionally, Japanese firm SBI Holdings has filed to launch an ETF including Bitcoin and Ripple, which could serve as another potential support factor.