- Ethereum’s price recovers above $3,000, fueled by demand zones and whale accumulation.
- Technical patterns suggest a “golden cross” could signal a major rally for Ether.
- Analysts predict Ethereum may retest resistance levels near $3,700 and possibly surpass $4,000.
Ethereum’s native token, Ether (ETH), has maintained a price range of $3,000 to $3,250 over the past week, showing signs of building momentum for another upward push. Currently, Ether is trading at $3,268, recovering a position above critical technical levels, including the 50-day exponential moving average (EMA).
Demand Zone Fuels Ethereum’s Recovery
Traders have identified a strong demand zone between $3,046 and $3,142, where over 5.4 million ETH have changed hands across 4.45 million wallet addresses, according to data from IntoTheBlock. This range aligns with a previously established order block, reinforcing its significance as a key support level.
Additionally, whale activity has provided further bullish signals. A single address accumulated over 18,000 ETH last week and added another 9,000 ETH shortly after, bringing its total holdings to 27,000 ETH, valued at nearly $89 million.
Source: TradingView
“Golden Cross” and Technical Patterns Support Bullish Outlook
On the technical front, Ethereum’s daily chart is on the verge of forming a “golden cross,” a bullish indicator that occurs when the 50-day moving average crosses above the 200-day moving average. Historically, this pattern has preceded significant price rallies, with Ethereum previously doubling in value after confirmed golden crosses in 2020 and 2023.
Independent analyst Rekt Capital has highlighted a breakout from a bull flag pattern on Ethereum’s weekly chart. The breakout positions Ether to potentially retest resistance levels around $3,700. If momentum continues, analysts suggest a move above $4,000 may be on the horizon.
As market dynamics align, Ethereum’s price action underscores growing confidence among traders and investors in the cryptocurrency’s upward potential.
