Jan van Eck, CEO of global investment firm VanEck, has given Ethereum (ETH) a major institutional boost, dubbing it ‘the Wall Street token’ and highlighting its central role in bridging traditional finance with blockchain innovation.
Van Eck highlighted Ethereum’s crucial role in stablecoin transactions, positioning it as essential for banks and financial firms bracing for a surge in digital payments.
Notably, he emphasized Ethereum’s unique infrastructure for this growing demand. His remarks come as the stablecoin market surpasses $280 billion in total supply.
By calling Ethereum Wall Street’s digital backbone, the CEO highlights a pivotal shift in which traditional finance now sees Ethereum not just as a speculative asset but as a programmable platform with smart contracts and a thriving developer ecosystem, tools reshaping banking and asset management.
Ethereum Eyes $2,400 as Head and Shoulders Pattern Emerges
Ethereum, the world’s second-largest cryptocurrency, shows early technical signs of a potential decline, says market analyst Ali Martinez. ETH appears to be forming a classic head-and-shoulders pattern, a signal often linked to trend reversals, suggesting a possible drop toward the $2,400 level.
Well, the head-and-shoulders pattern, three peaks with a higher central ‘head’ between two lower ‘shoulders, ‘signals weakening bullish momentum and a potential bearish shift once the price breaks the ‘neckline.’
For Ethereum, Martinez notes the pattern is in its final stage, pointing to a possible decisive move soon.
He acknowledges that the $2,400 level could become a key pivot for Ethereum. With ETH hinting at a potential head-and-shoulders pattern, the coming days will be decisive for its short-term trajectory, even as the current price hovers around $2,927, per CoinGecko data.
Meanwhile, Ethereum recently rallied 8.5% in one of its strongest monthly sessions, fueled by a surge in whale accumulation and renewed institutional flows. Santiment data reveals whales added roughly 934,240 ETH, valued at $3.15 billion, over the past three weeks, signaling a decisive shift in market sentiment.
Source: https://zycrypto.com/vaneck-ceo-crowns-ethereum-wall-streets-token-technicals-hint-at-2400-test/
