Mike Smith
May 19
.png)
The daily charts of Ethereum have recorded the formation of a "golden cross" - a technical signal that often precedes a protracted uptrend. This event caused a wave of optimism among investors and analysts, fueled by a steady increase in interest from large holders.
The essence of the "golden cross" is the intersection of the 50-day moving average with the 200-day from the bottom up, which indicates a change in market dynamics. Analyst Ted Pillos, who was the first to note this turning point, is confident that Ethereum is ready for a breakthrough to the $ 3,000 mark, and under favorable conditions, to $ 4,000.
At the same time, the market is seeing an increase in activity among large players. In recent weeks, they have acquired a total of more than 450,000 ETH, and the withdrawal of funds from exchanges exceeds 1 million coins. Such a reduction in supply on the market reduces the pressure on the price, contributing to its stable growth.
Analyst Ali Martinez, in turn, draws attention to the change in the MVRV coefficient - the ratio of market and realized value. According to his assessment, the asset has again become undervalued, which opens up opportunities for further growth. The main support level is now fixed at $ 2,200, and as long as the price remains above this zone, the scenario of movement to $ 3,000 and $ 4,000 remains quite realistic.
From the point of view of technical analysis, the key support is the level of $ 2,081 - the Fibonacci zone of 0.618, from which Ethereum bounced off after falling to $ 1,600. The next significant barrier is the level of $ 2,290, corresponding to the Fibonacci extension of 1.618. Overcoming this zone can open the way to the following targets: $ 2,627, $ 2,964 and $ 3,172, which are close to strong psychological boundaries.
However, not everything speaks in favor of immediate growth. The RSI indicator, which reached the overbought zone in early May, is showing a slight decline and is currently holding around the 60.90 mark. This may indicate a short-term damping of the momentum. In addition, the BoP indicator (the balance of buyer and seller pressure) is fluctuating in the negative zone, which potentially signals a temporary price consolidation before the next impulse.
The current picture is emerging as a reflection of increased demand, cautious technical optimism and a large-scale reset of investor sentiment. Attention to the $2627 and $2964 levels remains critically important: it is their overcoming that can become the trigger for a new round of the upward trend, and Ethereum's behavior in this zone will determine the further actions of traders.
