Ethereum (ETH) is displaying promising signs, including the confirmation of a Golden Cross on the daily chart, which may indicate the start of a long-term uptrend.
What is a Golden Cross?
A Golden Cross is a technical pattern formed when the 50-day moving average crosses above the 200-day moving average. This signal often indicates a sustained price rise. The confirmation of such a pattern in ETH hints at potential price increases.
Whale Accumulation and Market Impact
Recently, whale wallets have accumulated over 450,000 ETH, which may reduce selling pressure. The decrease in withdrawals from exchanges also contributes to positive market sentiment.
Analysts' Forecasts for ETH's Future
Analyst Ted Pillow anticipates that Ethereum could reach $3,000 soon, with potential further increases to $4,000. These forecasts are based on current market conditions and technical signals.
With the confirmation of the Golden Cross and increasing whale accumulation, Ethereum may be on the brink of a new uptrend. Analysts remain optimistic about future price levels.
