Ethereum prices moved sideways after a strong surge in early May, but some bullish patterns and increased demand for Wall Street point to a potential comeback.
Ethereum (ETH) was trading at $2,630 on Thursday. This price is about 90% above this year’s lowest points.
Data shows Wall Street investors are buying spot Ethereum ETFs. They had an influx of $56.9 million on Wednesday, the 13th day of consecutive profits. These funds have flowed in for the past three consecutive months.
Ethereum continues to show strong fundamentals. It has become the main blockchain of real-world assets. Current data shows more than $7.375 billion of the $23 billion RWA market ahead of the Zksync era, Stellar and Solana.
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Ethereum is also the largest player in the Stablecoin industry, with assets of over $129 billion. It is then followed by Tron, Solana, and Arbitrum. The same applies to other areas of the RWA industry, such as the tokenized Ministry of Finance and private credit.
Ethereum also leads the decentralized financial industry, with a total of over $133 billion locked. Its 62% market advantage is significantly outweighing the market advantages of competing chains like Solana and Tron.
Ethereum price technology analysis
ETH Price Chart | Source: crypto.news
Daily charts show that ETH formed some bullish patterns, suggesting a final rebound.
One important pattern is cup and handle formation, with a cap of nearly $2,795, at a level that matches the 50% Fibonacci retracement. The cup is about 50% deep and currently forms the handle.
Ethereum also formed a golden cross pattern as weighted moving averages of 50 and 200 days were crossed. ETH last formed the Golden Cross in November 2024, with nearly 40% coming in since.
Additionally, ETH formed a bullish flag chart pattern. This is similar to a powerful vertical rally consisting of a rectangular shape integrated phase, with the flag being raised.
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