- Ethereum retests its 50-day MA, a key level that preceded a major rally in 2020.
- Whale accumulation reaches 4-month high as ETH exchange balances drop to 16.31M.
- ETH holds above $2,400 with 66% long bias on Binance, signaling strong bullish sentiment.
Ethereum is currently trading at $2,509.85 and is testing a critical support level that previously acted as a launchpad for a major rally in 2020. According to multiple analysts, ETH is once again approaching its 50-day moving average, and a hold at this level may trigger renewed strength across the altcoin market.
Ethereum Approaches Golden Cross Amid Accumulation
According to an analysis prepared by Merlijn The Trader, Ethereum is testing its 50-day moving average, just as it did before a major breakout in 2020. The analyst noted that holding this level could signal the start of a broader altcoin rally.
“Hold here and altseason follows,” he stated on X. On the daily chart, Ethereum is nearing a golden cross, where the 50-day EMA crosses above the 200-day EMA. This setup is widely seen as a bullish signal.
Data from Glassnode confirms that whale accumulation is at its highest since 2017, with ETH inflows to wallets reaching a four-month high. At the same time, the number of Ether on exchanges has dropped to 16.31 million, down from 16.71 million a month ago.
Market Sentiment Builds Above $2,400 Support Zone
Ethereum has now remained within a range between $2,400 and $2,870 for over 39 days. Analysts consider $2,400 a key level, as it aligns with major technical factors like volume points and moving averages. Holding above this level favors the continuation of an upward trend.
According to data from Coinglass, the ETH long/short ratio on Binance has climbed to 66% in favor of long positions. Additionally, more than $3.6 million in long trades were opened by large holders on the Hyperliquid platform over the past 24 hours.
Crypto Caesar noted on X that he remains “still bullish,” while waiting for price confirmation near the $2,400–$2,500 region. Traders continue to monitor volume and price response to determine the breakout direction.
