Original title: Why is Ethereum (ETH) price up today?
Original author: Biraajmaan Tamuly
Original source: https://cointelegraph.com/
Translated by: Daisy, Mars Finance
Ethereum prices are rising today as strong support is forming near $3,000, while an upcoming “golden cross” could push prices above $4,000.
Ethereum’s native token, Ether, has been trading between $3,000 and $3,250 over the past seven days. Now, the world’s largest altcoin is eyeing a further rise towards $4,000.
As shown in the chart, Ethereum has increased by 9.65% in the past 24 hours, reclaiming the 50-day Exponential Moving Average (EMA) on the 4-hour chart, restoring a bullish trend. Ether is seeking to retest the immediate resistance level of the previous local high of $3449.
Ethereum 4-hour chart. Source: TradingView
In addition to reclaiming a bullish position above the 50-day moving average, the breakout is accompanied by a confirmed triple bottom pattern and overlaps with the daily order block, which may further strengthen the long-term bullish trend.
Strong demand for Ethereum at $3000
In the past week, Ethereum's price has consolidated near $3000, with traders taking the opportunity to establish a strong demand area in that price range.
According to IntoTheBlock data, over 4.45 million Ethereum addresses transferred 5.4 million ETH at an average price of $3099 between $3046 and $3142.
Ethereum In/Out of Money chart. Source: IntoTheBlock
This demand area overlaps with the daily chart order block near $3000
Previously, Cointelegraph reported that 'fresh' Ethereum whale activity began to emerge, with one address purchasing over 18,000 ETH last week.
The same whale address subsequently accumulated an additional 9000 ETH, increasing its holdings to 27,000 ETH, worth over $88.9 million.
Ethereum whale wallet data. Source: TradingView
ETH price is expected to break through $4000 with a 'golden cross'
From a technical perspective, Ethereum's daily chart is less than 24 hours away from completing a 'golden cross', which typically signals the start of a significant upward movement.
A golden cross is a technical formation that occurs when the 50-day moving average (either exponential or simple) crosses above the 200-day moving average, typically signaling a long-term upward trend.
Ethereum 1-day chart. Source: TradingView
Historically, confirmations of golden crosses on the Ethereum daily chart in 2020 and 2023 marked the beginning of strong upward trends of over 100%. From the daily chart perspective, current bullish momentum has started to appear.
Meanwhile, independent analyst and trader Rekt Capital pointed out that Ethereum's price is breaking out of a short-term bull flag pattern on the weekly chart. He stated:
If the breakout is confirmed, ETH will retest the resistance level of about $3700.
