ETH Bulls Gain Momentum as Golden Cross Sparks Bullish Sentiment

The Ethereum (ETH) price has shown signs of a bullish reversal after its daily Market Value to Realized Value (MVRV) ratio crossed above its 160-day Simple Moving Average, known as a Golden Cross.

This move is significant, as it signals the end of ETH's capitulation phase and potentially marks the beginning of a new upward trend. Historically, a Golden Cross has preceded major ETH recoveries, with the price surging by up to 166% in some cases.

Renewed institutional engagement with Ethereum is also evident, with spot ETF inflows reaching $337.74 million in July alone. This increase in demand from large investors may be contributing to the recent price appreciation of ETH.

The accumulation of Ethereum by whales and institutions has been a key driver of the bullish sentiment. Mid-tier whale wallets holding between 1,000 and 10,000 ETH have increased from 4,750 in June to 4,850 by late July, while mega-whale wallets collectively hold over 22% of the total circulating supply.