Ethereum Climbs on Tokenization Boom: Can Bulls Push Past $1,800?
Vexoda Newsroom
ETH gains 3% amid tokenization and institutional investments but faces challenges from weak onchain data. The market is watching for a potential retest of the $1,700 level.
Ethereum (ETH) saw a significant uptick of 3% between Thursday and Friday, outperforming other cryptocurrencies in the broader market. This upward movement can be attributed to growing tokenization efforts, particularly through Robinhood Chain’s successful launch, which has attracted substantial ETH inflows.
Robinhood Chain, an EVM-compatible layer-2 network, launched with a strong reception, netting $106 million in bridge deposits and offering customers access to tokenized stocks from 120 countries. This platform's success is bolstering the Ethereum ecosystem’s growth and investor sentiment.
Despite these positive developments, weak onchain metrics and derivatives data remain concerning indicators for ETH bulls. The market saw a drop in weekly DApps revenue and active addresses on Ethereum, signaling a potential bearish trend despite institutional accumulation by BitMine.
The 2026 bear market has dampened blockchain demand overall, with competing blockchains gaining traction in specific sectors like synthetic perpetual futures and automated yield vaults. Additionally, the annualized funding rate of ETH's perpetual futures dropped to 3%, indicating a lack of bullish confidence in the market.
While Ethereum dominates RWA tokenization with a 47% market share, signaling strong fundamentals, mixed signals persist due to stagnant onchain metrics. Institutional players like BitMine are accumulating substantial amounts of ETH but have not yet been able to push the price past $1,800.
Traders should closely monitor these factors as they could determine whether ETH retests its recent support level at around $1,700 or continues to climb towards higher levels. The key will be balancing institutional inflows with onchain metrics and broader market sentiment.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.