ETH surges 3% amid tokenization expansion: Will bulls break the $1,800 resistance?
Strong fundamentals from tokenization growth and corporate buying face headwinds from lackluster onchain activity and derivatives signals, potentially exposing ETH to $1,700 support test.
The price of Ether (ETH) registered a 3% increase from Thursday through Friday, demonstrating superior performance relative to the wider cryptocurrency market. This upward movement correlates with expanding tokenization activities, the successful deployment of Robinhood Chain, and continued corporate treasury acquisitions. Nevertheless, ETH encountered resistance at the $1,800 level due to underwhelming onchain and derivatives indicators. Could Ether's price trajectory lead to a retest of the $1,700 threshold?
Key takeaways:
- Ethereum dominates the RWA tokenization sector as Robinhood Chain catalyzes additional ETH deposits and network expansion.
- Conflicting indicators emerge with BitMine's aggressive accumulation contrasting against flat onchain activity suggesting caution ahead.
Robinhood Chain deployment and tokenization expansion elevate ETH valuation
The triumphant rollout of Robinhood Chain, a layer-2 network, has enhanced sentiment among Ether holders. This recently introduced blockchain utilizes ETH as its primary gas token and has accumulated $106 million in bridged deposits. Robinhood, the traditional finance trading platform, provides tokenized stock offerings to users across 120 countries, which further reinforces the EVM-compatible network.
Within the RWA (real-world assets) sector, Ethereum commands dominance with 47% market share, based on Rwa.xyz analytics. When stablecoins are excluded, prominent examples encompass SKY's Tether Gold (XAUT), Ondo US Dollar Yield (USDY), and Franklin Templeton's government bonds (iBENJI). Among tokenized equities, the frontrunners feature Strategy's PP variable (STRCx) offered by xStocks and Circle Group (CRCLon) provided by Ondo.
Leon Waidmann, serving as head of Research at Lisk, highlighted that Ethereum's Total Value Locked (TVL) has reached $260 billion, eclipsing Ether's market capitalization of $210 billion for the first time ever. In Waidmann's assessment, this discrepancy indicates that "ETH is underpriced," given that the present relative valuation sits below levels observed during the 2022 bear market.
Lackluster onchain and derivatives indicators constrain Ether's rally potential
Despite increased adoption of Ethereum's layer-2 networks and institutional capital inflows, onchain data reveals widespread stagnation. The 2026 bear market has diminished blockchain utilization, as rival blockchains have captured market share in particular niches, such as synthetic perpetual futures and automated yield vaults.
Ethereum's decentralized applications (DApps) produced $11 million in weekly revenue, representing a decline from the $20 million recorded during the first quarter of 2026. Significant contributors include Sky at $3.1 million, Titan Builder with $2.4 million, and Chalink's $1.1 million. Active addresses have likewise fallen to 3.2 million from 5.4 million in the first quarter, as reported by DefiLlama.
Concurrently, the annualized funding rate for ETH's perpetual futures contracts fell to 3% on Saturday, positioned beneath the 6% neutral benchmark that indicates insufficient demand for long positions. This contemporary data stands in stark contrast to Friday's peak levels of 12%, implying that bullish traders are lacking conviction. Nonetheless, institutional capital flows probably account for the recent price appreciation.
Arkham Intelligence documented a Thursday withdrawal of ETH 20,500 valued at $36 million from Galaxy Digital to a fresh wallet address, a behavior consistent with prior purchases by Tom Lee's BitMine Immersion (BMNR US). BitMine has accumulated ETH 198,370 over the previous 30 days exclusively, bringing the treasury company's total holdings to $10.3 billion in reserves.
In conclusion, the conflicting data between robust fundamental drivers and lackluster onchain performance does not support a retest of the $1,700 price level, particularly when factoring in BitMine's remarkable accumulation velocity.