Analysis: Ethereum rally depends on treasury institutions

In a recent update on X, crypto services provider Matrixport said Ethereum’s (ETH) rally relies on continued demand from Treasury institutions and its ability to hold the $4,180 support level. The firm noted that while inflows into ETH exchange-traded funds (ETFs) have been strong, network activity is still muted. With most stablecoins issued on Ethereum and expectations for further issuance high, Matrixport warned that losing the $4,180 level could trigger further unwinding.