The market capitalization of Ethereum has officially surpassed that of Bank of America. ETH’s market capitalization surged to $327.82 billion, just eclipsing BAC’s $326.20 billion. This flip shows the increasing confidence being placed in Ethereum as it grows from being a mere smart contract platform. Investors are increasingly seeing ETH as a long-lived store of value in the digital economy.
Ethereum’s breakout follows strong technical indicators in the 4-hour timeframe. After consolidating within a descending wedge since mid-May, ETH broke above resistance near $2,620. Bullish momentum carried the price to $2,682.66. The structure pointed to tightening volatility before the breakout. This shift confirms renewed investor confidence.
Bullish Breakout Targets $3,100
Moreover, analysts now forecast a 20.20% upside move from the breakout zone. This projection aims toward $3,100, aligning with previous resistance. The breakout was supported by rising volume and a decisive close above the upper trendline. Price action remains bullish as long as ETH stays above the $2,540 support.
Source: ZAYK Charts
Consequently, traders are eyeing continuation toward $2,900 and $3,000 levels. This projection stems from the wedge’s widest range added to the breakout point. Ethereum’s trend echoes the broader crypto rally seen in early May. Market sentiment is shifting firmly in favor of bulls.
Legacy Banks Eye Stablecoin Launch
Besides Ethereum’s rise, traditional financial giants are exploring blockchain. JPMorgan, Bank of America, Citigroup, and Wells Fargo are reportedly discussing a joint stablecoin. According to The Wall Street Journal, these talks include Early Warning Services and the Clearing House.
However, this initiative remains in the early discussion stages. The project could face delays depending on regulatory clarity and market demand. Meanwhile, the GENIUS Act is moving through the US Senate. It aims to regulate stablecoin collateral and enforce AML compliance.
Additionally, bipartisan support is growing, though some Democrats want to add clauses targeting potential conflicts with Trump-linked crypto ventures. The USD1 stablecoin, launched by Trump’s World Liberty Financial, adds further political tension.
