Original title: Why is Ethereum (ETH) price up today?

Original Author: Biraajmaan Tamuly

Source of the original text:

Compiled by Daisy, Mars Finance

Ether prices pumped today, as a strong support formed around $3000, and an upcoming "golden cross" may drive the price above $4000.

The native Token of Ethereum, Ether, has maintained a price between $3000 and $3250 in the past seven days. Now, the world's largest AltCoin is aiming to further pump towards $4000.

As shown in the chart below, Ether pumped 9.65% in the past 24 hours and regained the 50-day exponential moving average (EMA) on the 4-hour chart, recovering a bullish trend. Ether is now seeking to retest the immediate resistance level at the previous local high of $3449.

Ethereum 4-hour chart. Source: TradingView

In addition to reclaiming a bullish position above the 50-day MA, the breakout is accompanied by a confirmed triple bottom pattern, which coincides with the daily candlestick chart Block, potentially further strengthening the long-term bullish trend.

Strong demand for ETH at $3000

Over the past week, the price of Ethereum has been consolidating around $3000, and traders have taken this opportunity to establish a strong demand zone in this price range.

According to IntoTheBlock's data, between $3046 and $3142, over 4.45 million Ethereum Addresses transferred 5.4 million ETH at an average price of $3099.

Ethereum In/Out of Money chart. Source: IntoTheBlock

This demand zone coincides with the daily candlestick chart order block near $3000.

Earlier, Cointelegraph reported that a 'fresh' Ethereum Whale activity began to emerge, with one Address buying over 18,000 ETH last week.

The same WhaleAddress subsequently increased its holdings by 9,000 ETH, increasing its position to 27,000 ETH worth over 88.9 million US dollars.

Ethereum whale wallet data. Source: TradingView

The price of ETH is expected to break through $4000 through the 'golden cross'.

From a technical perspective, Ethereum's daily chart is less than 24 hours away from completing the "golden cross," which typically signals the start of a significant pump.

The golden cross is a technical pattern that typically represents a long-term uptrend signal when the 50-day moving average (exponential or simple) crosses above the 200-day moving average.

Ethereum 1-day chart. Source: TradingView

In history, the confirmed golden crosses on the daily chart of Ethereum in 2020 and 2023 marked the beginning of a strong bullish trend of more than 100% pump. From the daily chart, the current bullish momentum has begun to emerge.

Meanwhile, independent analyst and trader Rekt Capital pointed out that the price of Ethereum is breaking out of a short-term bull flag pattern on the weekly chart. He stated:

If confirmed, ETH will retest the resistance level of around $3700.