ETH Price Seeks Momentum as Golden Cross Forms and Supply Zone Looms
The Ethereum price has been on a remarkable journey since June's low of $1,510. The double-bottom pattern formed at this level set the stage for a rebound that took its time to materialize.
Mid-July saw the token struggling around the pattern's neckline, but it wasn't until late August that the breakout finally occurred, pushing ETH to $2,535.
A golden cross has now formed between the 50-day and 200-day EMA bands, indicating a significant technical shift in favor of a longer-term rally. However, follow-up demand is crucial for this trend to continue.
Currently, ETH is wrestling with the $2,383-$2,495 range, which has been acting as supply. If the price can sustain above this zone and turn it into demand, September could become particularly interesting, with $2,791 and $3,381 standing as the next major targets.