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Ethereum Golden Cross Fuels $3K Target as Bull Flag Signals Breakout
Ethereum confirms a golden cross, signaling a potential breakout toward the $3,000 level.
ETH holds strong above $2,470 support as bull flag pattern targets a move up to $3,720.
Drop in open interest suggests long-term holders are accumulating amid rising trading volume.
Ethereum has shown renewed strength as key technical signals confirm a bullish trend continuation. A confirmed golden cross and strong investor activity now place Ethereum on track to approach the $3,000 level, with analysts closely watching price action near $2,500 for confirmation of the next breakout.
Technical Patterns Confirm Bullish Momentum
The 50-day moving average of Ethereum is now above the 200-day moving average. Often, it is the start of a long period where prices go up. It is clear, ETH continues to have power since the 20-, 30- and 50-day moving averages are all exceeded by its position.
On May 18, Ethereum surged above $2,550 following a brief dip to $2,462. The breakout was backed by an increase in trading volume from $12.5 billion to $15 billion, according to Coingecko. This supports growing trader participation. Analysts now identify the $2,475–$2,495 zone as a strong support area that could act as a launch point for further upward movement.
The 4-hour chart continues to show a bull flag structure, with Ethereum now retesting the upper boundary near $2,470. A daily close above this level may confirm a continuation to the $3,720 target based on the flag's measured move.
Institutional Sentiment and Volume Trends Support Price Growth
According to CoinGlass, Ethereum saw over $158 million in leveraged position liquidations in the past 24 hours, with $95 million in long liquidations. Despite this, open interest has dropped by 5.53%, suggesting that short-term traders may be closing positions while long-term holders accumulate
Source :Michael Van De Poppe(X)
Michael Van De Poppe, a market analyst, stated, “Sub-$2,400 is the area where you’d want to accumulate before the next run towards $4,000.” Meanwhile, other analysts, including Titan of Crypto, observe that ETH still has upward potential based on the Stochastic RSI, which has not yet reached its overbought threshold.
The post Ethereum Golden Cross Fuels $3K Target as Bull Flag Signals Breakout appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.