Ethereum prices form bullish setups when Wall Street demand increases

Ethereum’s price is now moving in a sideways direction after its explosive growth during the first two-thirds of May. But several bullish patterns, as well as growing Wall Street demand suggest a comeback.

EthereumETH) was trading at $2,630 on Thursday, within a range that has held for over a month. It is roughly 90% more than the lowest price this year.

Wall Street investors have been buying Ethereum spot ETFs, according to data. Then they had. inflows of $56.9 million On Wednesday, this was the 13th consecutive day that these funds had gained. In the past three months, these funds also saw inflows.

Ethereum’s fundamentals continue to be strong. It is now the leader in real-world assets. According to current data, Ethereum is the leading blockchain for real-world assets, with over $7.375billion of the $23billion RWA market. This puts it ahead of ZKsync Era (also known as Stellar), Solana and ZKsync Era.

Ethereum also dominates the industry of stablecoins. holding Over $129 billion of assets. Tron, Solana and Arbitrum are the next three. It is also true for other RWA industries, such as tokenized Treasurys. private credit.

Ethereum is also the leader in decentralized finance, with a total of $133 billion locked up. The 62% dominance of the market is significantly higher than that of other chains such as Solana or Tron.

Ethereum technical analysis

The chart of ETH daily shows that it has developed several bullish patternings, indicating an eventual return.

A cup and handle pattern, with an upper boundary at $2,795, is the main key. This level aligns to the Fibonacci 50% retracement. It is about half the depth and now forms the handle.

Ethereum also has a golden-cross pattern as both the weighted 50-day moving average and the 200-day moving average have crossed. The last golden cross ETH created was in November 20,24. It then rallied by nearly 40%.

ETH also has a chart bullish flag pattern. The pattern consists of an initial strong upward rally followed by a phase of consolidation in a rectangular shape, which resembles a flag.