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Ethereum (ETH) rose 3% amid growing tokenization activity and institutional buying, but weak on-chain metrics and derivatives data suggest vulnerability to a $1,700 retest. Tokenization of real-world assets (RWAs) has driven demand for ETH as collateral and settlement infrastructure, while large holders (whales) accumulated over 100,000 ETH in the past week. However, declining active addresses and rising short-term liquidations indicate potential selling pressure. The $1,800 level remains a critical resistance, with a successful breakout likely to target $2,000. Institutional interest in tokenized securities and DeFi growth could fuel further gains, but a breakdown below $1,700 might trigger deeper corrections. Traders should monitor on-chain metrics like NVT ratio and funding rates for directional clues.
