Why is Ethereum price up today?
The Ethereum price is up today after establishing strong support around $3,000, and an upcoming “golden cross” might drive it above $4,000. Ethereum’s native coin, Ether ETH $3,384.71, has consolidated between $3,000 and $3,250 in the last seven days. Now, the world’s largest altcoin is preparing for the next leg up to $4,000.
As shown below, Ethereum has gained 9.65% in the last 24 hours, regaining a bullish position above the 50-day EMA line on the 4-hour chart. Ether is preparing to retest its immediate resistance at the last local high of $3,449. Additionally, the breakout has occurred from a confirmed triple-bottom pattern coinciding with a daily order block, potentially supporting the longer-term bullish case.
Big demand for Ethereum at $3K
With Ethereum consolidating near $3,000 over the last week, traders have used the chance to form a strong demand zone around the price range.
According to data from IntoTheBlock, between $3,046 and $3,142, approximately 4.45 million Ether addresses transferred 5.4 million ETH for an average price of $3,099.This demand zone corresponds to the order block created near $3,000 on the daily chart.
Cointelegraph previously reported that “fresh” Ethereum whale activity was beginning to emerge, with an address purchasing over 18,000 ETH million last week. The same whale address has raised its ETH allocation by another 9,000 ETH, bringing the total to 27,000 ETH, worth more over $88.9 million.
ETH price “golden cross” rally above $4K
From a technical sense, Ethereum’s daily chart is less than 24 hours away from completing a “golden cross,” which typically precedes large rallies. When the 50-day moving average (exponential or simple) crosses above the 200-day moving average, it indicates a long-term uptrend.
Historically, a confirmed golden cross on Ether’s daily chart has signalled the start of a massive 100+% increase in 2020 and 2023. The positive momentum has already begun to emerge on the daily chart. Meanwhile, Rekt Capital, an independent analyst and trader, observes that Ether price is breaking out of its short-term bull flag on the weekly chart. The merchant stated,
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