Ethereums Golden Cross Points to Potential 3x Price Surge in 10 Weeks
Key Takeaways:
- Spot Ethereum ETFs recorded $83.76M in inflows on December 6, signaling strong institutional interest.
- A whale deposited 60,079 ETH into Bitfinex, realizing a 20.7x return over six years.
- The Golden Cross pattern hints at a potential 3x price rally based on historical trends.
Ethereum (ETH) is gaining momentum, with bullish signals fueling expectations for higher price targets. The cryptocurrency has been riding a positive price trajectory, supported by increased investor confidence and market activity.
At the time of writing, ETH is trading at $3,991.66, reflecting a 2.41% increase in the past 24 hours. With a 24-hour trading volume of $64.98 billion, ETHs market cap stands at $480.77 billion, giving it a market dominance of 13.09%. These metrics underscore Ethereums strong position in the crypto market.
$83M Ethereum ETF Inflows Signal Strong Momentum
According to the latest statistics by SoSoValue, inflows into Ethereum spot ETFs continue. Ethereum spot ETFs saw a net inflow of $83.76 million on December 6, extending the streak of inflows to ten days.
Of the notable funds, Fidelitys saw daily net inflows of $47.88 million, while BlackRocks ETHA ETF attracted inflows amounting to $34.56 million per day. This consistent investment reflects increasing interest from institutional investors, demonstrating optimism in Ethereums prospects for the future.
Ethereum Whale Activity Signals Strategic Moves
Whale movements further point to ETHs bullish narrative. According to data from Spot On Chain, one of the largest whales transferred 60,079 ETH valued at $234 million into Bitfinex after holding for almost six years. This particular whale had first withdrawn 87,085 ETH from Bitfinex back in 2019 at an average price of $153 per token.
Over the years, the whale made strategic transactions, including a 2020 transfer to Tornado Cash and redepositing substantial amounts at an average price of $3,331 in late 2023 and 2024. If these transactions were trades, the estimated profit of the whale stands at an impressive $274.8 million, reflecting a 20.7x return.
Ethereum Targets 3x Gains with Golden Cross Momentum
Technically, viewers are heralding a bottom for another rally. At the very latest, analysis from Trader Tardigrade noted the appearance of the Golden Cross, the crossing of the 100-day moving average above the 200-day moving average.
Historically, this has always been a precursor to strong price surges. In ETHs last cycle, this crossover translated into a 3x price increase. With this pattern now unfolding, the likelihood of a 10-week rally is very real.
This strong on-chain activity of Ethereum, in addition to the continuous inflows from institutions and promising technical indicators, all paint a very optimistic picture. With market conditions slowly starting to align, ETH could see a significant upward trajectory over the coming weeks.
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Read more: https://www.tronweekly.com/ethereums-golden-cross-points-to-potential-3x-price-surge-in-10-weeks/
Text source: TronWeekly
