Macro investor Raoul Pal says the entire banking system will move to Ethereum (CRYPTO: ETH) as ETH tests the 100 exponential moving average at $2,355 for the first time since October.

The Banking System Thesis

Raoul Pal pushed back against the “ETH is dead” narrative from 1.5-2 years ago, arguing banks care about Lindy effects—things that survive, things you don’t get fired for, things that are proven.

“I find it hilarious that 1.5-2 years ago people were like, ‘ETH is dead.’ I’m like, ‘No, the entire banking system will go to ETH,'” Pal said. 

“That doesn’t mean it’s a mono-chain world, but I know how banks work. It’s really for them about Lindy effects because nobody wants to lose their jobs over new technology,” he added.

The Decentralization Customer

Etherealize co-founder Danny Ryan discovered banks are looking for exactly what Ethereum spent a decade building—they just don’t realize it yet. 

Banks prioritize systems that never go down, can’t be controlled by a single entity, and have proven track records over years of operation.

Ethereum’s infrastructure delivers 100% uptime through multiple independent client software versions running simultaneously across thousands of nodes worldwide. 

If one client fails, the others keep the network running. Banks need this reliability because downtime in financial systems means billions in losses and regulatory violations.

The corporate IT world operates on a simple rule: nobody gets fired for choosing the established standard. For decades, that meant picking Microsoft or IBM. 

Ryan argues Ethereum now holds that position in blockchain—the safe choice that won’t cost anyone their job if something goes wrong.

Ethereum Key Technical Levels to Watch

ETH has spent the last six weeks building what looks like a genuine base. 

The rising wedge from the February lows pushed price above the 20 EMA at $2,226 and 50 EMA at $2,195—both now acting as support for the first time since October.

Today’s high of $2,378 tagged the 100 EMA at $2,355 almost to the dollar before pulling back. 

Every serious recovery attempt since November has died at a major EMA.

The Supertrend at $2,030 is green and rising, indicating the floor is moving up.

Key support sits at $2,226 (20 EMA), then $2,030 (Supertrend). Meanwhile, resistance clusters at $2,355 (100 EMA), then $2,655 (200 EMA), then $2,800.

A close above $2,380 and ETH starts getting interesting again.

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