$ETH
🚨 Why Is Ethereum Price Going Up Today? 🚨
Recent news reports involving the Saudi government’s indirect adoption of BTC reserves, aligned with Strategy CEO Michael Saylor’s announcement of further BTC purchases, have emerged as dominant bullish catalysts driving Ethereum prices over the past 24 hours.
On May 16, the Saudi government confirmed that the Saudi Central Bank acquired 25,656 shares of Strategy (formerly MicroStrategy).
The purchase came amid a highly publicized diplomatic visit by U.S. President Donald Trump to the oil-rich nation. At current prices, the purchase is worth $10.2 million.
News that Saudi Arabia’s central bank purchased 25,656 shares of Strategy (formerly MicroStrategy), a company known for holding massive Bitcoin reserves, has been interpreted as an indirect crypto adoption move.
Furthermore, on Sunday, Strategy CEO Michael Saylor made a post on X hinting at an imminent BTC purchase. Both events appear to have sparked rapid buying pressure among altcoin holders.
This may have prompted ETH traders, who initially adopted a cautious stance on Friday, leading to a capitulation to $2,456, to regain control, as evidenced by Ethereum breaking the key $2,551 level alongside rising volumes.
This purchase, valued at $10.2 million, coincided with U.S. President Donald Trump’s diplomatic visit to the kingdom, lending it additional symbolic weight in global financial markets.
Further fueling the rally, Strategy CEO Michael Saylor hinted at new Bitcoin acquisitions via a post on X (formerly Twitter).
These dual developments appear to have renewed confidence among crypto investors. ETH, which had briefly capitulated on Friday, has now broken key resistance at $2,551, a level that previously capped upside momentum.