Ethereum's Ichimoku Golden Cross Signals 18% Price Surge

Ethereum has recently confirmed an Ichimoku Golden Cross on its weekly chart, a significant technical event where the conversion line crosses above the baseline. This crossover is widely regarded by traders as a strong bullish signal, often preceding sustained upward price movement. Currently trading around $2,631, ETH is also approaching a breakout on the Relative Strength Index (RSI), which has been in a long-term downtrend. The RSI’s potential breakout suggests renewed buying momentum that could propel Ethereum toward the $3,100 level in the near term.

Data from Glassnode reveals that Ethereum mega whales—entities holding exceptionally large amounts of ETH—have increased their holdings by 9.31% since October 2024, now controlling over 41 million ETH. This accumulation mirrors patterns observed in mid-2022, when similar whale activity preceded a doubling of Ethereum’s price. Such behavior underscores the confidence of large investors in Ethereum’s medium-term prospects and provides a strong foundation for potential price appreciation.

Institutional interest in Ethereum continues to intensify, with spot Ethereum ETFs attracting substantial inflows. June alone saw $1.17 billion in net inflows into Ethereum investment products, reflecting growing institutional conviction. On the technical front, Ethereum is forming a bull pennant pattern on the daily chart, a continuation pattern that typically precedes a breakout to the upside. Analysts also identify a falling wedge breakout followed by a bull flag formation, signaling further bullish momentum. These patterns collectively suggest potential price targets ranging from $3,400 to $3,834, contingent on sustained buying pressure and market conditions.

The $2,500–$2,536 price range remains a critical accumulation zone, with over 3.45 million ETH held at this cost basis, according to Glassnode. This support area acts as a robust foundation for Ethereum’s price, providing resilience against downside volatility and enabling a sustained rally if momentum continues. The convergence of technical indicators, whale accumulation, and institutional inflows creates a compelling bullish case for Ethereum in the coming months.

Ethereum’s confirmation of a weekly Ichimoku Golden Cross, combined with rising whale holdings and accelerating institutional ETF inflows, sets the stage for a potentially significant bullish breakout. Technical patterns such as bull pennants and falling wedges reinforce this outlook, with key support zones providing stability. Investors should monitor these developments closely as Ethereum targets new highs in the $3,100 to $3,834 range, reflecting growing confidence in its medium-term trajectory.