Ethereum (ETH) has just recorded a rare technical event—a golden cross on the weekly chart. However, the real story may lie beyond the charts with growing corporate interest in the asset.
Formation of the Golden Cross
The golden cross has formed in Ethereum's chart as the 23-week moving average moved above the 200-week average for the first time in over a year. This event is historically a precursor to rising asset prices.
Corporate Holdings of Ethereum
According to a new DropsTab report, a group of publicly traded companies holds $7.59 billion worth of ETH. However, their target figure exceeds $30.4 billion, resulting in a potential demand gap of nearly $23 billion for ETH.
Demand and New Strategies
Bitmine (BMNR) leads the group with a goal of $22 billion to acquire about 5% of Ethereum’s total supply. Other firms, such as SharpLink Gaming and BTCS Inc., are also ramping up, targeting $3.6 billion and $2 billion respectively.
The formation of the golden cross and increasing corporate interest in Ethereum suggest a potential supply shortage, which may lead to a new cycle in investments and demand for this asset.
