Ethereum (ETH) Price Eyes $5K amid Golden Cross Pattern

Amid the broader crypto market recovery, Ethereum (ETH) price has shot up 7% moving all the way to the crucial resistance of $3,930 levels.

Key Points

ETH price rose 7% to reach the crucial resistance at $3,930 levels.

Institutional investors and whales bought ETH at lower prices.

Over 130,000 ETH were withdrawn from exchanges.

During the recent price drop, investors withdrew over 130,000 ETH from exchanges. At the same time, whale holdings increased by over 340,000 ETH, indicating that bullish investors saw the price dip as an opportunity to accumulate Ethereum at discounted levels.

On the other hand, inflows into spot Ethereum ETFs remained strong. Over the last nine trading sessions, the US Ether ETFs saw net inflows, bringing the total inflows since inception to nearly $2 billion.

The BlackRock Ethereum ETF (ETHA) led the way with $2.9 billion in inflows. Meanwhile, Fidelity’s FETH is also not far behind with over $1.35 billion in inflows. This shows that institutional demand for Ethereum investment products is picking up once again.

Ethereum Price Eyes $5K amid Golden Cross Pattern

Moreover, Ethereum (ETH) has formed a bullish “golden cross” pattern on its price chart, a technical signal that often suggests strong upward momentum. Market analysts are optimistic, forecasting a potential climb to $5,000 for ETH.

In the near term, Ethereum should first cross the resistance of $3,930 on a daily closing basis to confirm the uptrend. In the past, ETH has seen multiple pullbacks from here.

Later, Ethereum price needs to overcome the resistance of $4,093, wherein it has faced strong selling activity in the past. Failing to do so could push ETH back to the support levels of $3,550 once again. However, market analysts hint at seller exhaustion at these levels.