Cryptocurrency investment firm Matrixport has issued a bullish assessment of Ethereum, citing improving technical signals and positive on-chain data. The company noted that the recovery over the past few weeks remains "technically attractive" and is supported by a market structure where heavy selling in bullish options coincides with steady spot buying. This pattern, according to Matrixport, suggests a more systematic and planned risk appetite rather than speculative frenzy, making the recent recovery appear more sustainable. The firm's outlook points to a positive medium-term trajectory for ETH despite short-term price fluctuations.
Concurrently, Ethereum is experiencing a surge in institutional adoption, with 35 major global financial institutions launching projects on its blockchain in recent months. Key players include Kraken, Fidelity, Santander, Google, UBS, BlackRock, and Amundi. These projects span asset tokenization, cross-border payments, and DeFi. Notably, Kraken's xStocks platform allows for the tokenization of U.S. stocks and ETFs as ERC-20 tokens. Fidelity has introduced the Fidelity Digital Interest Token (FDIT) for on-chain settlement, while BlackRock has applied for a staked Ethereum ETF.
Ethereum's infrastructure is being leveraged for significant innovations in payments and stablecoins. A consortium involving SWIFT and over 30 banks is developing a blockchain ledger for tokenized assets and 24/7 cross-border payments on Ethereum. Sony Bank plans to launch a USD-pegged stablecoin on its Ethereum Layer 2, Soneium. In Africa, M-Pesa is partnering with the ADI Foundation to bring over 60 million users on-chain via Ethereum for instant cross-border payments.
Despite this wave of adoption, Ethereum's price faces near-term volatility. Crypto analyst TedPillows observed that ETH has fallen below the $3,200 support level and is testing the next key zone between $3,000 and $3,050. A hold above this level could pave the way for a rally toward $3,400.
