Ethereum is experiencing a surge in bullish activity, fueled by technical signals and increased buying from whales. The recent confirmation of a Golden Cross on the daily chart suggests a sustained uptrend, potentially pushing the price towards $3,000. This trend aligns with positive market indicators such as high MVRV (Market Value vs Realized Value) ratio and substantial whale purchases. 450,000 ETH were acquired by large investors in the last month alone, while almost 1 million ETH have left exchanges since April, further tightening supply.
Analysis points to key price levels for potential upward movement: Ethereum needs to maintain its position above $2,200 to fuel continued bullishness. A break of this zone could signal a surge towards $3,000. Additionally, the 2.618 Fibonacci extension at $2,627 is closely watched by traders and represents a potential breakout point.
Despite a generally positive outlook, technical indicators suggest a short-term consolidation period. The RSI, which was previously overbought, now sits at 60.90. Additionally, the Balance of Power indicator hints at a temporary pause in growth.
The combination of technical signals, increasing whale activity, and robust network structure supports a continued upward trend for Ethereum, with potential price movement towards $3,000 if the resistance level at $2,627 is broken with significant volume.