Ethereum confirms weekly Ichimoku Golden Cross, signaling potential breakout toward $3,100.
Mega whales increased ETH holdings by 9.31%, mirroring past pre-rally accumulation patterns.
Bull pennant, wedge, and flag patterns align with institutional inflows, targeting $3,400–$3,834.
Ethereum (ETH) has triggered a rare bullish signal on the weekly chart, a confirmed Ichimoku Golden Cross. This event, paired with the Relative Strength Index (RSI) nearing a breakout from its long-term downtrend, is generating renewed market optimism. Ethereum is currently trading at $2,631 and holding key support levels.
Weekly Golden Cross Sparks Bullish Setup
According to analysis prepared by Titan of Crypto, Ethereum has triggered an Ichimoku Golden Cross on the weekly timeframe. This is a key technical indicator where the conversion line crosses above the baseline, often used by traders to anticipate bullish momentum.
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The RSI is also attempting to break above its descending resistance, which may signal a return of buying strength. If the breakout is confirmed, analysts suggest that ETH could rally towards the $3,100 mark in the near term.
Supporting this view, data from Glassnode shows that Ethereum “mega whales” have increased their holdings to over 41.06 million ETH, a 9.31% rise from October 2024. Historical data shows similar accumulation patterns led to large price moves. Between May and September 2022, a similar uptick in whale activity occurred before ETH doubled in price.
Institutional Flows and Chart Patterns Align
Institutional interest in Ethereum continues to grow, adding to the current bullish sentiment. According to a statement from Bitwise CIO Matt Hougan on July 2, “inflows into spot Ethereum ETFs will accelerate significantly in H2.” In June alone, Ethereum investment products attracted $1.17 billion in net inflows.
At the same time, Ethereum is showing a bull pennant structure on the daily chart, as noted by multiple analysts. A breakout above this pattern could drive ETH toward $3,400. Additionally, technical analysis by Merlijn The Trader points to a falling wedge breakout followed by a bull flag, which could set the next target at $3,834.
The $2,500–$2,536 range remains a strong accumulation zone, with over 3.45 million ETH having a cost basis in that range, according to Glassnode. This base could help support a sustained move upward if momentum continues.
The post Ethereum Triggers Weekly Golden Cross as RSI Eyes Breakout, $3,100 Target Now in Sight appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
