Markets, Ethereum, Market, Tokenization, News The second-largest crypto has lagged behind BTC during this cycle, but the narrative has started to turn more positive recently.
Ethereum’s ether (ETH) surged on Thursday to its strongest price in more than four months as bitcoin (BTC) broke new record highs.
The second-largest cryptocurrency by market capitalization advanced to just shy of $3,000, gaining 6.7% through the past 24 hours.
While ETH has significantly underperformed during this cycle and failed to reach new record levels unlike BTC or Solana (SOL), the narrative has recently started to shift around the token.
“ETH has taken the lead in price momentum, rallying off recent lows amid a pickup in derivatives activity and growing enthusiasm around its broader role in settlement and tokenization infrastructure,” said Joel Kruger, market strategist at LMAX Group.
U.S.-listed spot ETFs also saw strong demand, booking over $500 million in inflows month-to-date.
Meanwhile, the corporate crypto treasury strategy has expanded beyond bitcoin to ETH as well, with public firms such as Sharplink Gaming and Bitmine Immersion Technology adding the asset to their balance sheet.
“In less than one month, public companies will have bought enough ETH to offset all the ETH that’s been created since the merge,” prominent crypto investor Pentoshi said in an X post earlier this week. “It’s 1/9th the market cap of BTC, and takes far less capital to move. That capital is clearly coming.”
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Technical analysis:
- CoinDesk’s market analytics model shows that ETH had an explosive rally in the 60-minute interval between 20:58 UTC to 21:57, jumping 6% from $2,819.07 to $2,996.85.
- The rally occurred in three phases: preliminary consolidation around $2,824 through 21:15, succeeded by an acceleration phase breaking through resistance thresholds at $2,845, $2,870, and $2,920, and culminating in a final advance from to $2,993.
- Fundamental support levels were established at $2,756.18 and $2,761.11 throughout the trading session.
- Robust high-volume resistance consolidated around the $2,993.34 threshold.
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