- Ethereum price has been on a strong upward momentum underlined by the formation of a golden cross. How high can it rise?
Ethereum price has extended its bullish trend on Thursday, edging up by 0.5% to trade at $2,784. The coin had hit four-week highs of $2,824 earlier, and has gained more than 8% in the last week. Furthermore, it recently formed a golden cross (crossover of the 50 MA above the 200 MA) on the daily chart, and with the RSI at 61, the upside trajectory looks likely to extend.
Notably, there has been a steep uptick of investor inflows into ETH spot ETFs, with Wednesday’s figure of $211.3 million being the highest in the last month. The current momentum on Ethereum price will likely attract more investor funds, resulting in a stronger upside traction. The coin has struggled to build momentum above the $2,800 mark this year, and reclaiming that mark as a support will raise the prospect of hitting $3k.
The upside narrative for Ethereum price is also supported by the strong drop in exchange holdings. According to blockchain data aggregation site IntoTheBlock, ETH netflows (difference between the value of inflows and outflows) in the last seven days is at -$493.33 million. That underlines growing investor appetite for the coin and declining selling pressure, which will supply tailwinds to the price.
Elsewhere, Ethereum chain’s DeFi performance saw a 8.2% growth in TVL (Total Value Locked) in the last week. As of this writing, DeFiLlama data shows that Ethereum’s TVL is at $69.411 billion, signifying increased utility for ETH.
Ethereum Price Prediction
Ethereum price pivots at $2,780 and the upside looks set to continue going by the RSI reading. The momentum will likely meet initial resistance at $2,800,but an extended control by the buyers will breach that barrier and potentially test $2,832.
On the other hand, the momentum will shift to the downside if the price breaks below $2,780. That will likely see primary support established at $2,753. The upside narrative will be invalid if the coin breaks below that level. That could clear the path to go lower and test $2,732 in extension.
