10X Research Analyzes Ethereum’s Rally Amid Circle’s $24B IPO and Market Shifts

On 12 June 2025, 10X Research drew attention to Ethereum’s recent rally, highlighting the cryptocurrency’s impressive price action as its momentum builds within the broader market environment. The report is devoted to the recently released $24 billion Initial Public Offering (IPO) of Circle, which has sparked a new wave of enthusiasm around Ethereum and the cryptocurrency market in general. Some might ask whether such a rally can be maintained, but the reality of Ethereum and Bitcoin is telling a different story in the marketplace. 10X Research offers a more in-depth examination of the current situation by evaluating the participation of leveraged traders, the emergence of high-conviction trading pairs, and other key factors that may shape the future of Ethereum’s price.

The Surge of Ethereum Amid Bitcoin’s Strength

After the price of Bitcoin shot past the resistance level of over $108,000, Ethereum commenced its moving trend. As the phenomenon of Bitcoin was gaining traction, Ethereum was gathering its strength in the shadows. The Circle IPO is the driving force behind Ethereum’s price activity, according to the report, providing the market with new liquidity. The upward movement was aggravated by the leverage that traders took on Ethereum futures as more traders entered the Ethereum market.

However, as the direction of the price change was bullish, the associated fundamental sentiment was somewhat bearish. The analysis conducted by 10X Research expresses uncertainty as to whether the Ethereum rally is merely a product of temporary market enthusiasm or if there are strong and sturdy foundations behind it. The robust positions of leveraged traders have contributed to the fire, and it does not imply that Ethereum will definitely maintain the upward trend. Ethereum remains at critical support levels, and its fundamentals, although increasing, are not as robust as other bullish indicators suggest.

Circle’s IPO and the Impact on Ethereum’s Sentiment

The long-awaited IPO of Circle caused a new round of interest in Ethereum. The $24B valuation of Circle was considered a solid vote of confidence in the long-term viability of Ethereum, especially since Circle is closely integrated with the Ethereum network. 10X Research, however, notes that this huge capital inflow has temporarily influenced the market, supporting the price of Ethereum.

The increased popularity of Ethereum, coupled with Bitcoin being at new all-time highs, has positioned institutions to become interested in Ethereum. This is especially true for traders seeking to gain exposure to Ethereum’s blockchain ecosystem. As Ethereum gained momentum, the market’s mood changed as well, with a bullish attitude replacing the initial skepticism, yet that comes with its share of problems as well. Nevertheless, despite Ethereum’s advancements, the relationship between Ethereum and Bitcoin remains highly correlated, and both digital assets are vulnerable to a negative correction, particularly as leverage positions accumulate. A Bitcoin correction in the near future may have a significant effect on the price development of Ethereum, and the recent rise of Ethereum may be nothing more than a temporary fluctuation caused by speculators, as opposed to being a serious move based on sound fundamentals.

Key Indicators to Watch for Future Ethereum Moves

According to a report by 10X Research, it appears that the Ethereum rally has just begun, but one of the most important indications is taking shape: the high-conviction trading pairs that are forming around Ethereum. Such a development may be a sign that the present price behavior of Ethereum is being supported by an increasing number of market participants that are getting more confident in the asset, despite its price not necessarily being representative of the actual health of its fundamental basis.

The study also highlights the need to monitor leveraged positions and their impact on the market. Next week, 10X Research encourages traders to closely monitor the ETH futures market, particularly the dominance ratio and open interest level. Institutional investors have gradually taken Ethereum as their center of attention, and its capacity to surpass critical resistance levels may result in an even more dominant view in the market.

At this point, 10X Research is cautious about the future price trend of Ethereum, stressing that its continued rise will require a range of conditions, including further improvement as a project, as well as investor interest and the overall market environment towards the cryptocurrency world.