In the past 24 hours, Bitcoin (BTC) rose 3.7% and re-entered the $110,000 mark, just one step away from the historical high set in May. At the same time, Ethereum (ETH) also rose 3.8%, rising above $2,620, showing its linkage with Bitcoin.
But the key question is: As Bitcoin approaches its historical high, is Ethereum's increase just a passive follow-up? Or is a more independent ETH market brewing?
The well-known encryption market analyst DCinvestor boldly predicted on social media that ETH will reach 10,000 US dollars or even higher in the next year.
He believes that the real driving force will no longer be the return of retail investors, because they may have been "brainwashed" and have a bias against the true value of ETH and will not be able to buy it again. DCinvestor said: "Retail investors will not return to ETH. They have been completely brainwashed by the "psychological warfare" and believe that ETH is worthless. But they will be forced to watch ETH rise to $10,000 because companies, governments and Wall Street are injecting trillions of dollars into this chain." DCinvestor compared this phenomenon with Bitcoin's 2017 cycle, pointing out that ETH's development is two cycles slower than BTC, but it is progressing step by step. He emphasized that the new batch of market buyers will not care about the doubts or "concerns" in the market because they don't even know the existence of those "old-school" critics. Continued inflows of ETH ETFs: a clear signal of institutional interest Data don't lie. CoinShares' latest report shows that Ethereum-related investment products have led digital asset inflows for the second consecutive week since May 16, attracting $296.4 million in funds, bringing the total capital flow in seven weeks to $1.5 billion.
"This is the strongest inflow since the U.S. election," wrote James Butterfill, head of research at CoinShares, adding that the figure now accounts for 10.5% of Ethereum's total assets under management.
Redstone co-founder and COO Marcin Kazmierczak noted that ETH's upward momentum appears to be driven by several factors: institutional ETF flows show renewed interest in ETH products, and the market's growing expectations for Ethereum roadmap upgrades.
Meanwhile, the ETH/BTC market cap ratio rose above 0.14, seen as a possible re-shift towards “risk-on” altcoins, which could be an early “signal” of a broader altcoin season.
Despite the relatively “boring” recent price action on ETH, its fundamentals remain strong. Expectations for Ethereum’s roadmap upgrade are high, and the Pectra upgrade completed last month (May 7) has contributed greatly to this.
Luke Nolan, senior Ethereum researcher at CoinShares, said that although the Pectra upgrade did not bring a very significant single change, it included multiple improvements to the Ethereum protocol, which laid the foundation for further expansion in the future, and the expansion problem has long been the main bottleneck of Ethereum.
One of the key features of the Pectra upgrade is to expand the Ethereum blockchain's ability to handle "blobs" (temporary data storage units), which helps to retain more data on the consensus layer. Nolan believes that sometimes a small narrative is enough to drive positive sentiment.
From the Tradingview technical chart, Ethereum's current trend also shows positive signals. As of the time of writing, the price has rebounded strongly from the May low to about $2,665 and is firmly above the weekly pivot point (PP, about $2,400-2,500).
Downside, $2,483-2,485 provides immediate support, while weekly pivot points and deeper Fibonacci support provide a good foundation. Notably, the chart shows a potential "bullish flag" pattern, and a key "golden cross" has formed between the 50-day moving average and the 200-day moving average, which are strong bullish signals.
ETH continues to gather strength above $2,520, indicating that short-term buying power is dominant. The key resistance above is R1 (about $2,900-3,000) and historical highs, so bulls are expected to continue to attack higher resistance levels in the near term. However, investors still need to pay close attention to market volume and breakthroughs at key positions to confirm the sustainability of the upward trend.
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