Golden Cross: $100 Million Buy-in! Is Ethereum About to Take Off or is it a Trapping Game?

Recently, ETH seems to be getting serious. First, let's talk about the technical side—on the daily chart, the 50-day SMA is about to cross above the 200-day SMA, the classic 'Golden Cross' is about to take shape.

Although the crypto market is much wilder than the stock market, this signal is still worth being cautious about. Once formed, it often indicates that the medium-term trend is changing.

Meanwhile, on-chain data is exploding. Santiment data shows that since June 22, the number of new Ethereum addresses has increased by 134%, and active addresses have surged from 412,000 to 687,000. This is not just a small fluctuation of retail investors; the entire network's activity has been ignited. In simple terms, funds are moving, and the market is heating up.

What's even more exciting is that BlackRock has directly thrown in $100 million to buy ETH, and Fidelity is also following up with $60 million in ETF funds. This is real 'smart money' entering the market, indicating that institutions are betting on the next wave of ETH.

On the price side, the short-term key resistance level is at $2738. Once broken through, this wave could aim directly for the psychological barrier of $3000. The current price is still fluctuating in the range of $2312 to $2738. As long as the bottom doesn't break, the possibility of an upward breakout is continuously increasing.

The four-hour chart is also cooperating well, with RSI topping above 50 and AO turning red, indicating buying pressure is building. From the technical to the fundamental, and to the financial aspects, ETH seems to be preparing for a 'big move'.

My view is very clear: this golden cross may be the starting point of a medium-term main upward wave, rather than a trapping game.

If you are also watching ETH, feel free to follow me. I will update on-chain data, technical signals, and market hotspots every day, together we can dig for the next explosive point.