Ethereum Shows Strong Bullish Signals as Golden Cross Confirms Uptrend

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The Golden Cross seen on Ethereum’s daily chart could lead to a sustained rise in the future.

As a result, accounts associated with whales own 450,000 ETH, which helps reduce the possibility of an immediate sell-off.

According to ETH’s MVRV ratio and Fibonacci extensions, the price could go up even further if $2,627 is broken.

According to the daily chart, Ethereum has formed a Golden Cross as the 50-day moving average crossed over the 200-day. Often, this technical sign shows that the market is changing direction upward for the long run. It reflects the market recovering from its recent lows, meaning more investors are becoming bullish.

Over the past month, significant holders of Ethereum have acquired over 450,000 new ETH. Furthermore, since April, more than 1 million ETH has moved off centralized exchanges. As the balance shifts, it reflects that sellers are becoming less active and adds more confidence that Ethereum will rise further in price.

The MVRV Ratio is transitioning into a bullish area.

MVRV, a tool for judging if Ethereum is overvalued or undervalued, has shown a positive signal for Ethereum. For analysts, this means that ETH continues to be value for money, helping its price rise.

Lately, Ethereum has advanced to a level above 0.618 Fibonacci retracement support around $2,081. The $2,290 level, which is a Fibonacci extension, was tested by Bitcoin before it saw a minor decline. The following resistance will be the 2.618 extension, which is located around $2,627. Reaching this level could help Bitcoins rise to $2,964 and $3,172, since these numbers are significant to investors.

Technical indicators are showing the market remains strong.

RSI has fallen from over 72 to 60.90, but it is still above the bullish level. This signals the trend is strong, although it may take breaks occasionally. The BoP pointer has indicated slight bearish divergence, suggesting a pause in gains before new increases.

The price of Ethereum is still higher than its important support at $2,200. According to analysts, for the bullish theory to stay true, the price must stay close to the new range. Support should help Bitcoin reach even higher prices, such as $3,000 and maybe $4,000.

The post Ethereum Shows Strong Bullish Signals as Golden Cross Confirms Uptrend appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.

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SnowWhite❀vip
· 14h ago
This AI can't distinguish between Bitcoin and Ether.
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