Ethereum Price Holds Steady as Golden Cross Forms and ETF Inflows Soar
Ethereum's price has stabilized near its highest level this month and may continue to rally after forming a golden cross pattern and rising ETH ETF inflows.
The daily chart shows that the Ethereum price has rebounded in recent months, moving from its year-to-date low of $1,505 to the current $2,500. It has already moved above the important resistance levels of $2,463 and $1,980, confirming a bullish outlook.
The golden cross pattern formed on August 21 when the 50-day and 200-day Weighted Moving Averages (WMA) crossed each other, indicating a strong bullish breakout. Additionally, the Ethereum price is in the process of forming a bullish pennant pattern, with the next key target to watch being at $3,000.
The rising ETF inflows are also a significant catalyst for Ethereum, with spot Ethereum ETFs having over $115 million in inflows on Tuesday and $1.06 billion this month. This is the best month since August last year, indicating increasing demand among investors.