Why did Ethereum (ETH) rise in price today?

Today, the price of Ethereum rose mainly because it held strong at the $3000 level, and it looks like a 'golden cross' is coming, which might push it to $4000!

In the past week, the token Ether has been fluctuating between $3000 and $3250. Now, this second largest cryptocurrency in the world is gearing up to break through $4000.

In the past 24 hours, Ethereum rose by 9.65%, and on the 4-hour chart, it has crossed above the 50-day moving average, indicating that the upward trend is back. It is currently trying to break through the previous high of $3449.

Not only has it crossed above the 50-day moving average, but it has also formed a triple bottom, coinciding with the trading block on the daily chart, making the long-term upward trend look more stable.

At the $3000 level, demand for Ethereum is quite strong.

In the past week, the price of Ethereum has been hovering around $3000, and traders have taken the opportunity to build a demand zone at this price level.

According to data from IntoTheBlock, there are over 4.45 million Ethereum addresses between $3046 and $3142, buying an average of 5.4 million ETH at an average price of $3099.

The demand zone coincides with the trading block on the daily chart.

Recently, Cointelegraph also reported that new Ethereum whales have started to become active, with one address purchasing 18,000 ETH last week.

This whale bought another 9000 ETH, bringing their total holdings to 27,000 ETH, valued at over $88.9 million.

After the 'golden cross' in ETH price, $4000 is within reach.

Technically, Ethereum's daily chart is just 24 hours away from the 'golden cross', which generally signals a significant price increase.

The golden cross occurs when the 50-day moving average crosses above the 200-day moving average, indicating a long-term upward signal.

Historically, in 2020 and 2023, the golden cross on Ethereum's daily chart resulted in over 100% price increases. Now, the upward trend on the daily chart has already begun.

Additionally, analysts say that Ethereum's price is breaking through a short-term bullish flag pattern on the weekly chart. They stated:

"If it breaks through, ETH will have to challenge the resistance level of $3700 again."

This pullback will refine true value, finding a strong coin that is increasing against the trend, and the next high multiplier target will be indicated by its performance! Like and comment for updates at 88!

Recently, I plan to position myself in a potential coin that is ready to explode, doubling my investment should be quite easy. At the same time, I am also looking for some potential coins to hold until the end of the year, expecting a return of over 10 times is not a problem. If you want to follow my insights, leave a message, follow, and like $BTC $ETH $SOL #谁将成美SEC新主席？ #比特币突破10万？ #XRP与SEC新局面 #FTX偿还计划