Ethereum climbs 3% on tokenization boom: Can bulls push ETH price past $1,800?

Ether (ETH) terms gained 3% betwixt Thursday and Friday, outperforming the broader crypto market. The determination ties to increasing tokenization, Robinhood Chain’s success, and ongoing firm treasury purchases. However, ETH failed to interruption supra $1,800 amid anemic onchain and derivatives metrics. Is Ether terms bound to retest $1,700?

Key takeaways:

• Ethereum leads RWA tokenization portion Robinhood Chain drives caller ETH inflows and ecosystem growth.
• Mixed signals persist arsenic BitMine accumulates heavily, yet stagnant onchain metrics awesome caution.

Robinhood Chain and tokenization maturation boost ETH price

The palmy motorboat of the layer-2 web Robinhood Chain has boosted Ether investors’ sentiment. The recently launched blockchain uses ETH arsenic its autochthonal state token and has netted $106 cardinal successful span deposits. The TradFi trading level Robinhood offers tokenized stocks to customers successful 120 countries, further strengthening the EVM-compatible ecosystem.

Ethereum dominates the RWA (real-world assets) marketplace with a 47% marketplace share, according to Rwa.xyz data. Excluding stablecoins, notable highlights see SKY’s Tether Gold (XAUT), Ondo US Dollar Yield (USDY), and Franklin Templeton’s authorities bonds (iBENJI). Leaders among tokenized stocks see Strategy’s PP adaptable (STRCx) from xStocks and Circle Group (CRCLon) from Ondo.

Source: X/LeonWaidmann

Leon Waidmann, caput of Research astatine Lisk, noted that for the archetypal clip successful history, the Total Value Locked (TVL) connected Ethereum astatine $260 cardinal surpassed the marketplace headdress of Ether, presently astatine $210 billion. According to Waidmann, this distortion signals that “ETH is underpriced,” arsenic the existent comparative valuation is little than successful the 2022 carnivore market.

Weak onchain and derivatives metrics bounds Ether’s upside

Regardless of the increasing adoption of Ethereum’s layer-2 solutions and the organization inflows, onchain metrics constituent to wide stagnation. The 2026 carnivore marketplace has wounded blockchain demand, portion competing blockchains gained crushed successful circumstantial sectors, including synthetic perpetual futures and automated output vaults.

Ethereum play DApps revenue, USD (left) vs. progressive addresses (right). Source: DefiLlama

Decentralized applications (DApps) connected Ethereum generated $11 cardinal successful play revenue, down from $20 cardinal successful the archetypal 4th of 2026. Notable mentions see Sky astatine $3.1 million, Titan Builder with $2.4 million, and Chalink’s $1.1 million. Similarly, progressive addresses dropped to 3.2 cardinal from 5.4 cardinal successful the archetypal quarter, according to DefiLlama.

ETH perpetual futures annualized backing rate. Source: Laevitas

Meanwhile, ETH's perpetual futures annualized backing complaint dropped to 3% connected Saturday, beneath the 6% neutral threshold signaling anemic request for bullish positions. Current information contrasts with the highest 12% levels from Friday, suggesting that bulls deficiency confidence. However, organization inflows apt explicate the latest terms gains.

Source: X/Arkham

Arkham Intelligence flagged an ETH 20,500 withdrawal connected Thursday worthy $36 cardinal from Galaxy Digital to a caller wallet, a signifier that matches erstwhile Tom Lee’s BitMine Immersion (BMNR US) purchases. BitMine added ETH 198,370 successful the past 30 days alone, portion the treasury institution present holds $10.3 cardinal successful reserves.

Ultimately, mixed signals from beardown fundamentals and anemic onchain metrics bash not warrant a retest of the $1,700 level, particularly erstwhile considering BitMine's awesome accumulation pace.