Ethereum Surges on Golden Cross and Strong Buying Interest

Ethereum's price surged by 34% in a short period of time after its MVRV ratio formed a golden cross on August 19. The MVRV (market value to realized value) ratio measures the relationship between Ethereum's market capitalization and its realized capitalization, indicating whether prices are high or low relative to historical values.

The golden cross is a technical indicator that suggests bullish momentum in the market. In this case, it triggered a significant price increase from $1,905 to $2,547. Whale wallets holding over 10,000 ETH also increased by 1.74%, with 17 new large holders joining the ecosystem.

This buying interest is further supported by the fact that over 180,000 ETH worth $440 million moved off exchanges, reducing selling pressure on the market. However, Ethereum still faces a critical resistance zone between $2,722 and $2,970. Breaking this level could open the path to a target of $5,363, making a price of $5,000 feasible in the near term if momentum continues.