Ethereum price rose today because it formed strong support around $3,000, and the upcoming "golden cross" could push the price to break through $4,000.
Ethereum's native token Ether has been trading between $3,000 and $3,250 over the past seven days. Now, this largest Altcoin in the world is aiming to further rise towards the $4,000 target.
As shown in the chart below, Ethereum has risen 9.65% in the past 24 hours, and has regained the 50-day exponential moving average (EMA) on the 4-hour chart, recovering the bullish trend. Ether is seeking to retest the immediate resistance of the previous local high of $3,449.
Ethereum 4-hour chart. Source: TradingView
In addition to the bullish position of regaining the 50-day moving average, the breakout is accompanied by a confirmed triple bottom pattern, and coincides with the daily order Block, which may further strengthen the long-term bullish trend.
Strong demand for Ethereum around $3,000
Over the past week, Ethereum price has consolidated around $3,000, and traders have taken the opportunity to establish a strong demand zone in this price range.
According to data from IntoTheBlock, between $3,046 and $3,142, over 4.45 million Ethereum addresses have transferred 5.4 million ETH at an average price of $3,099.
Ethereum In/Out of Money chart. Source: IntoTheBlock
This demand zone coincides with the daily chart order Block around $3,000
Previously, Cointelegraph reported that "fresh" Ethereum whale activity has begun to emerge, with one address purchasing over 18,000 ETH last week.
The same whale address subsequently increased its holdings by another 9,000 ETH, bringing its total holdings to 27,000 ETH, worth over $89.9 million.
Ethereum whale wallet data. Source: TradingView
ETH price is expected to break through $4,000 through a "golden cross"
From a technical perspective, Ethereum's daily chart is less than 24 hours away from completing a "golden cross", a formation that usually signals the start of a significant uptrend.
A golden cross is a technical pattern where the 50-day moving average (exponential or simple) crosses above the 200-day moving average, typically seen as a signal of a long-term bullish trend.
Ethereum 1-day chart. Source: TradingView
Historically, confirmed golden crosses on Ethereum's daily chart in 2020 and 2023 have marked the start of over 100% strong uptrends. From the daily chart, the current bullish momentum has already begun to emerge.
Meanwhile, independent analyst and trader Rekt Capital pointed out that Ethereum price is breaking out of a short-term bull flag pattern on the weekly chart. He stated:
"If the breakout is confirmed, ETH will retest the resistance around $3,700."
