Summary Review: Ethereum’s price has surged by nearly 10% in the past 24 hours, supported by strong demand near $3,000 and anticipation of a “golden cross.” This technical indicator could push ETH prices above $4,000.
Ethereum’s price is experiencing an upward momentum, recovering from its consolidation between $3,000 and $3,250. The cryptocurrency, widely regarded as the world’s largest altcoin, is currently setting sights on breaking past the $4,000 level.
Key Factors Behind Ethereum’s Rise
- Technical Strength and Support
Over the last seven days, Ethereum has built strong support near the $3,000 mark. On the 4-hour chart, Ether has risen 9.65% in the past 24 hours, climbing above the 50-day exponential moving average (EMA). The recent breakout aligns with a confirmed triple-bottom pattern on the daily chart, further strengthening the case for a longer-term bullish trend. - Demand at $3,000 Level
Ethereum’s consolidation near $3,000 has created a significant demand zone. Data shows that between $3,046 and $3,142, over 4.45 million ETH moved across 5.4 million wallet addresses at an average price of $3,099. This accumulation zone aligns with the technical order block seen on the daily chart, underscoring its importance. - Whale Activity
Large Ethereum holders have also contributed to the rally. Recently, a whale purchased 18,000 ETH and added another 9,000 ETH shortly after, bringing its total holdings to 27,000 ETH. These transactions, worth approximately $88.9 million, highlight renewed interest from major investors in the cryptocurrency.
What’s Next for Ethereum?
With the potential for a “golden cross” — when the 50-day moving average crosses above the 200-day moving average — Ethereum is eyeing a push above $4,000. Such a technical development often signals a bullish breakout, increasing confidence among traders and investors alike.
Summary Review: Ethereum’s price has surged by nearly 10% in the past 24 hours, supported by strong demand near $3,000 and anticipation of a “golden cross.” This technical indicator could push ETH prices above $4,000.
Disclaimer: Nothing in this article, or any content from Web30 News, should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves risks, and investors should be aware that capital is at risk and returns are never guaranteed. Please conduct thorough research and consult with a qualified financial advisor before making any investment decision.
