Ethereum Gains Momentum as Wall Street Firms Shift Focus from Bitcoin

• Wall Street firms are selling Bitcoin and buying Ethereum for their corporate treasuries. 

• Ethereum forms a symmetrical triangle pattern, suggesting a 20% rally to $3,200. 

• Institutional demand has helped ETH defend the $2,500 support level for six consecutive days.

Ethereum (ETH) is experiencing increased institutional adoption as major firms pivot away from Bitcoin for their cryptocurrency treasury holdings. The second-largest cryptocurrency by market capitalization traded at $2,609 on July 8, marking a 2.58% increase over the previous 24 hours.

Technical analysis suggests ETH could rally 20% to reach $3,200 as it forms a symmetrical triangle pattern. This price action coincides with growing institutional demand that has helped the cryptocurrency maintain support above the critical $2,500 level.

Institutional Shift Drives Ethereum Demand

Wall Street companies increasingly choose Ethereum over Bitcoin for their crypto portfolios. Nasdaq-listed Bit Digital exemplifies this trend after selling 280 BTC to purchase Ethereum tokens. The company now holds 100,603 ETH, among the largest institutional holders.

CoinShares data reveals institutions favor Ethereum-based products over Bitcoin alternatives. Weekly inflows to ETH products averaged 1.6% of assets under management during the past 11 weeks, compared to 0.8% for Bitcoin products.

Sharplink Gaming leads the corporate treasury movement with 205,634 ETH tokens. The gaming company’s recent purchases have positioned it as one of the most significant institutional Ethereum holders.

Technical Indicators Point to Bullish Breakout

Ethereum’s price action shows the formation of a symmetrical triangle pattern on the four-hour chart. This technical structure typically signals an imminent breakout after extended consolidation periods. The cryptocurrency approaches the triangle’s apex, with resistance at $2,604 as the key level to watch.

A decisive close above this resistance could trigger a rally toward $3,200, representing a 24% increase from current levels. The MACD indicator supports this bullish outlook, generating a buy signal as the MACD line crosses above the signal line.

The Relative Strength Index (RSI) reading of 59 indicates bullish momentum without entering overbought territory. This technical setup suggests favorable conditions for upward price movement.

Sustained institutional interest combined with technical analysis points to potential outperformance against Bitcoin. Ethereum has defended the $2,500 support level for six consecutive days, demonstrating limited selling pressure from current holders.