Ethereum

Bull Flag

Spot

Ethereum price analysis: ETH price has blown up since the RWA sector began getting popular after Ethereum Spot ETF approval. As of European trading hours on Tuesday, ETH was trading at around $3,775. This represents a 0.82% decrease in the last 24 hours and a 2.1% decrease in 7 days. 
<h2 id="span-style-font-weight-400-ethereum-price-analysis-bulls-eye-5-000-as-bull-flag-pattern-nears-completion-span">Ethereum Price Analysis: Bulls Eye $5,000 as Bull Flag Pattern Nears Completion</h2> 
<figure id="attachment_200367" aria-describedby="caption-attachment-200367" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-200367" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.15.49.jpeg" alt="Ethereum Price" width="1000" height="441" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.15.49.jpeg 1000w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.15.49-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.15.49-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.15.49-150x66.jpeg 150w" sizes="(max-width: 1000px) 100vw, 1000px">
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 ETH Price Chart | TradingView
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</figure> 
<a href="https://coingape.com/price/ethereum/">Ethereum price</a> action is bullish on the macro, even though it has been consolidating for a couple of weeks now. The price is trending above the 50-day and 200-day simple moving averages (<a href="https://coingape.com/education/simple-moving-average-how-to-leverage-it-in-crypto-market/">SMA</a>), signifying bullish momentum. 
A bull flag has also been forming over the past few weeks and may be coming to completion in the next few days. If Ethereum’s price breaks above the bull flag, bulls may push it to $5,082, a 27% increase. 
On the way up, the ETH price may encounter some key resistance points around $4,094 and $4,216. Conversely, key support levels exist around the 0.5 Fibonacci (<a href="https://coingape.com/glossary/fibonacci-retracement/">fib</a>) retracement level ($3,500) and $3,000.&nbsp; 
ETH price retraced and barely touched the 0.5 fib retracement level (blue circle), but quickly bounced back up. While technically the zone was tested, the ETH price may revisit this zone one more time before moving higher. 
<h2 id="span-style-font-weight-400-rwa-budding-sector-may-boost-ethereum-price-span">RWA Budding Sector May Boost Ethereum Price</h2> 
The real-world asset (<a href="https://coingape.com/rwa-tokens/">RWA</a>) sector has burgeoned rapidly in the recent past. According to data from <a rel="nofollow" href="https://www.coingecko.com/en/categories/real-world-assets-rwa">CoinGecko</a>, the RWA sector market cap is $9.24 billion, which represents a 1.6% increase in the last 24 hours. 
Additionally, RWA-based tokens have a combined trading volume exceeding $820 million, indicating growing interest in the sector. The RWA sector is expanding to cover private credit, U.S. treasuries, stablecoins, commodities, and real estate. Notably, tokenized U.S. treasuries have reached a total value of $1.4 billion, with the majority of these RWA assets deployed on the Ethereum network. 
<img decoding="async" class="aligncenter size-full wp-image-200369" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.27.06.jpeg" alt="ETH" width="849" height="551" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.27.06.jpeg 849w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.27.06-300x195.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.27.06-768x498.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-04-at-08.27.06-150x97.jpeg 150w" sizes="(max-width: 849px) 100vw, 849px"> 
On the other hand, the largest issuer of tokenized U.S. Treasuries, BlackRock Financial Management, Inc., has chosen the Ethereum network to issue the tokenized RWA. Data from <a rel="nofollow" href="https://app.rwa.xyz/treasuries">rwa.xyz</a> shows that BlackRock has only 14 holders of their BUIDL product, against Franklin Templeton’s 421 holders. 
This metric shows that BlackRock’s product is underutilized, and as demand grows, the gap may be closed quickly. The <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">Ethereum price prediction</a> shows that Ether will catch on eventually, as the price tends to lag behind fundamentals. 
<h2 id="span-style-font-weight-400-bottom-line-span">Bottom Line</h2> 
As the RWA sector matures, more inflows of money may be channeled to the largest network, Ethereum. Investors tend to follow what big institutions do, and if they trust Ethereum enough to stake 70% of the industry’s value in the network, so will investors.&nbsp; 
The post <a href="https://coingape.com/markets/ethereum-price-analysis-can-bulls-push-price-to-5000-on-the-rwa-narrative/">Ethereum Price Analysis: Can Bulls Push Price to $5,000 on the RWA Narrative?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Analysis: Can Bulls Push Price to $5,000 on the RWA Narrative?

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