Ethereum Golden Cross Forms as Demand Surges
Ethereum's price has held steady near its highest level this month and may continue to rally after forming a golden cross pattern and experiencing rising ETF inflows.
The $ETH price rebounded in recent months, moving from its year-to-date low of $1,505 to the current $2,500, surpassing the important resistance level of $1,980. The formation of a golden cross, where the 50-day and 200-day Weighted Moving Averages (WMA) crossed each other, confirmed the bullish outlook.
The coin is also forming a bullish pennant pattern, having already established the flagpole and beginning to form the pennant section. Ethereum has moved above another key resistance level of $2,463, further solidifying its bullish breakout.
The rising demand for Ethereum is attributed to investors buying the token, with spot Ethereum ETFs experiencing over $115 million in inflows on Tuesday. This comes after six consecutive days of inflows, indicating a significant increase in demand. The funds have accumulated over $1.06 billion in inflows this month, exceeding last month's total by more than two and a half times.