Why did Ethereum (ETH) rise in price today?

Today, the price of Ethereum increased, mainly because it held strong at the $3000 mark, and it seems that the "golden cross" is about to come, maybe it can surge to $4000!

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

In the past 24 hours, Ethereum rose by 9.65%, and on the 4-hour chart, it has regained the 50-day moving average, showing a resurgence in momentum. It is now trying to break through the previous high of $3449.

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

Demand for Ethereum is strong at the $3000 mark.

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

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

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

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

This whale bought another 9,000 ETH, bringing their holdings to 27,000 ETH, valued at over $88.9 million.

After the "golden cross" in ETH prices, $4000 is on the horizon.

Technically speaking, the daily chart for Ethereum is just 24 hours away from a "golden cross", a formation that generally indicates a major price increase is coming.

A golden cross occurs when the 50-day moving average crosses above the 200-day moving average, signaling a long-term upward trend.

Historically, in 2020 and 2023, the golden crosses on Ethereum's daily chart were followed by increases of over 100%. Now, the upward momentum on the daily chart has already started.

Analysts also mention that Ethereum's price is breaking through a short-term bull flag formation on the weekly chart. They said:

"If it breaks through, ETH will need to push back to the resistance level of $3700."

This wave of pullback will refine true value, finding a token with strong backing that rises against the trend, with the next high-target performance expected to be outstanding! Like and comment, and if we reach 88, we’ll announce it!

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