Will Ethereum Price Rally Another 35% As Golden Cross Approaches?

Ethereum (ETH) is still trading within a six-week consolidation range as retail traders look to cash out despite ongoing accumulation by large addresses. At press time, Ethereum price was trading at $2,557 with a 2.3% decline in 24 hours. Meanwhile, a 35% rally for ETH price may be imminent as the largest altcoin approaches a golden crossover.

Ethereum Price Rally Looms as Golden Cross Approaches

Ethereum price is almost forming a golden cross on the daily chart, as the 50-day EMA records a steady rise due to a building bullish momentum among whales and short-term holders. This lower moving average is tipping upwards, and it is now inching closer to the 200-day EMA level, which will signal the formation of a golden cross indicator.

The last time that ETH price formed a golden cross was in November 2024, and shortly after this bullish signal emerged, Ethereum shot up by 35% within a few days. At the time, the price increased from $3,000 to $4,000 within weeks, and a repeat of this trend could kickstart the much-needed breakout from the current consolidation zone.

If history repeats itself and ETH records the same rally, the price may break out higher and potentially reach $3,454 in the near term. Getting to this point will mark the highest price for the largest altcoin since January 2025.

However, the RSI shows a key hindrance to this bullish Ethereum price prediction, which it may have to overcome before it can commence a bull run, which is a lack of strong buying support. This indicator stands at 51, which is a near-neutral level as buying and selling pressure remains balanced.

The formation of this golden cross is even more imminent as both whales and institutions accumulate, causing ETH inflows to hit a 4-month high. Meanwhile, per Glassnode’s recent data, whale buying activity is currently at the highest level since 2017, which further highlights growing accumulation.

Binance Traders Flip Bullish on ETH

Data from Coinglass is showing a notable increase in the Ethereum long/short ratio as most traders on the Binance exchange make speculative bets that the price can extend its gains. At press time, this ratio had increased to 66% in long positions, while short positions sit at 33%, indicating that most traders are bullish towards the performance of this crypto token.

Besides the Binance traders, whales on the Hyperliquid platform are also placing long bets on Ethereum’s performance. These large addresses have opened more than $3.6 million in long positions on this altcoin in the last 24 hours, and they are holding on to their positions despite making unrealized losses.

To sum up, Ethereum price is approaching a bullish trajectory as a golden cross approaches on the daily chart due to building bullish momentum among holders. Futures traders and whales appear to be taking up positions speculating that such a move could occur in the near term.