Ethereum Nears $3,000 as Golden Cross Approaches

Ethereum is on the verge of a significant price movement, with analysts and traders closely monitoring key technical indicators. The cryptocurrency is poised to reach $3,000 in the coming months, driven by a bullish trend that has been gaining momentum. The Golden Cross, a technical pattern where the 50-day moving average crosses above the 200-day moving average, is nearing completion. This pattern is often seen as a bullish trend confirmation, suggesting that Ethereum's price could continue to rise.

The recent price action of Ethereum has been characterized by a tight range, with the cryptocurrency trading between $2,400 and $2,800. However, resistance sits near $2,800, and if Ethereum clears that level, it could see a push toward $3,000 in the coming weeks. This potential breakout is supported by historical trends, which indicate that Ethereum has the potential to reach $3,000 in the near future.

According to data provided by Santiment, Ethereum’s network activity has increased sharply. New addresses have grown by 134% since June 22, and active daily addresses climbed from 412,000 to 687,000. This growth supports the technical recovery and indicates strong investor interest. Additionally, CryptoQuant analysts noted that Ethereum recently broke above a descending trendline, which typically aligns with extended upside moves. Analyst Javon Marks projected a possible target of $4,811.71, while further momentum could push ETH as high as $8,557.68 over time.

Bitcoinsensus described the current ETH structure as a Wyckoff re-accumulation pattern. With institutional inflows from BlackRock and Fidelity and a rebound in broader market sentiment, Ethereum’s price action remains favorable. If Ethereum holds above $2,500 and breaks $2,738, analysts expect $3,000 could come into view quickly.

Analysis conducted by market researchers indicates that Ethereum is about to experience a crossover of the Simple Moving Average (SMA) period of 50 above the SMA period of 200. This setup is referred to as the Golden Cross and is assumed to represent long term upward momentum. Traders view this pattern as confirmation of a bullish trend continuation. In addition, the Relative Strength Index (RSI) is climbing above the neutral 50 level, suggesting growing buying strength. The Awesome Oscillator (AO) is also flashing green bars, which confirms the weakening of recent bearish pressure. These indicators, taken together, point to a developing uptrend that could lift Ethereum toward the $2,738 resistance level.

Ethereum redeemed itself and has now approached retesting the $2,500 price level following a gradual increase in price since the weekend. By the time of writing, the price of ETH stands at the point of $2,427.24 with strengthening momentum and bullish market signs. Analysts believe that the emergence of a Golden Cross might boost the bullish impulses taking the price to the range of $3,000.