Ethereum demonstrates a positive trend with the formation of a Golden Cross, indicating a potential for sustained price increase in the future.
Formation of the Golden Cross on Ethereum's Chart
The daily chart of Ethereum showed a Golden Cross as the 50-day moving average crossed above the 200-day average. This technical signal typically suggests a directional change in the market towards an upward trend, reflecting a market recovery from recent lows and an increasing bullish sentiment among investors.
Movements of Major ETH Holders
Over the past month, significant Ethereum holders have acquired over 450,000 new ETH. Additionally, since April, more than 1 million ETH has been moved off centralized exchanges. This balance shift indicates that sellers are becoming less active, adding confidence that Ethereum's price will rise.
Technical Indicators and Price Predictions
The MVRV ratio, a tool for gauging Ethereum's valuation, is showing positive signals. Analysts view this as an indicator that ETH remains a valuable investment. Currently, Ethereum's price is above crucial support at $2,200, suggesting potential price targets could reach $3,000 and possibly $4,000.
The formation of the Golden Cross and positive technical indicators bolster investor confidence that Ethereum may continue its upward trajectory, suggesting opportunities for further price appreciation.
