#ETH
trade now . . bull Run ๐๐๐๐คฉ๐คฉ๐คฉ๐ฏ๐ฏ๐ฏโคโคโค๐ฏ๐ฏโคโค๐๐๐
๐๐๐๐จ ๐๐๐ง๐ ๐๐๐๐๐ฃ๐๐๐๐ก ๐๐๐ฉ๐ฉ๐๐ง๐ฃ ๐พ๐ค๐ช๐ก๐ ๐๐๐ ๐ ๐๐ฉ๐๐๐ง๐๐ช๐ข ๐๐ง๐๐๐ ๐ฉ๐ค $4000
ETH price drifted upwards today, June 8, as the crypto market rose. This rebound could be the start of a rally as ETH is about to form a golden cross pattern. It is also forming a bullish flag pattern as investors eye Donald Trumpโs Blue-Chip crypto ETF.
The daily timeframe chart shows that the Ethereum price has remained relatively stable since May, when it reached a multi-month high of $2,873. This was a significant level, as the coin had been trading at $1,390 just a few weeks earlier.
The ongoing consolidation is part of Ethereumโs recovery. This is part of the bullish flag pattern that has been forming over the past few months. A bullish flag consists of two key parts: a flagpole and a consolidation.
Ethereum price is also about to form the highly bullish pattern known as a golden cross. This pattern forms when the 50-day and 200-day moving averages intersect, typically indicating that bulls have prevailed.
The spread between the two averages has continued narrowing, meaning that the cross could happen any time now. As such, the combination of a bullish flag and a golden cross is a sign that the coin is gearing towards a major bull run.
The bullish ETH price forecast will become invalid if it drops below last monthโs low of $2,125.
One of the main catalysts for the ongoing Ethereum price recovery is the recently announced blue-chip crypto ETF. Ethereum and Bitcoin will comprise 80% of the fund, with altcoins like Cronos and Solana taking the rest.
If successful, it means that there will be more demand for Ethereum at a time when the supply on exchanges is falling.
Data shows that demand for the spot Ethereum ETF is in an upward trajectory. These funds have had inflows in the last nine consecutive weeks, the longest streak on record.
