- Ethereum confirms a golden cross, signaling a potential breakout toward the $3,000 level.
- ETH holds strong above $2,470 support as bull flag pattern targets a move up to $3,720.
- Drop in open interest suggests long-term holders are accumulating amid rising trading volume.
Ethereum has shown renewed strength as key technical signals confirm a bullish trend continuation. A confirmed golden cross and strong investor activity now place Ethereum on track to approach the $3,000 level, with analysts closely watching price action near $2,500 for confirmation of the next breakout.
Technical Patterns Confirm Bullish Momentum
The 50-day moving average of Ethereum is now above the 200-day moving average. Often, it is the start of a long period where prices go up. It is clear, ETH continues to have power since the 20-, 30- and 50-day moving averages are all exceeded by its position.
On May 18, Ethereum surged above $2,550 following a brief dip to $2,462. The breakout was backed by an increase in trading volume from $12.5 billion to $15 billion, according to Coingecko. This supports growing trader participation. Analysts now identify the $2,475–$2,495 zone as a strong support area that could act as a launch point for further upward movement.
The 4-hour chart continues to show a bull flag structure, with Ethereum now retesting the upper boundary near $2,470. A daily close above this level may confirm a continuation to the $3,720 target based on the flag’s measured move.
Institutional Sentiment and Volume Trends Support Price Growth
According to CoinGlass, Ethereum saw over $158 million in leveraged position liquidations in the past 24 hours, with $95 million in long liquidations. Despite this, open interest has dropped by 5.53%, suggesting that short-term traders may be closing positions while long-term holders accumulate.
Michael Van De Poppe, a market analyst, stated, “Sub-$2,400 is the area where you’d want to accumulate before the next run towards $4,000.” Meanwhile, other analysts, including Titan of Crypto, observe that ETH still has upward potential based on the Stochastic RSI, which has not yet reached its overbought threshold.
