- Ethereum reenters 2019-style range between $2,312–$2,738, signaling potential trend reversal.
- Golden Cross nears as ETH holds key support and RSI, AO confirm rising bullish momentum.
- Whales, BlackRock, and ETF inflows boost confidence as $3K–$4K targets gain traction.
Ethereum has returned to a key consolidation range between $2,312 and $2,738 after a recent false breakout and a false breakdown. This mirrors similar price movement from May and June 2019, where Ethereum consolidated before beginning a sustained uptrend. ETH is currently trading at $2,422.
Bullish Technical Signals Form as Golden Cross Nears
The daily Ethereum chart shows a falling trend was halted after the price bounced from the $2,312 level. The price action now reflects a falling wedge structure and renewed strength above the multi-year support trendline.
According to CipherX, “ETH has reclaimed its multi-year support trendline,” noting that bulls managed to close back above it after a brief fakeout. Technical indicators support further gains. The 50-day Simple Moving Average (SMA) is nearing a crossover above the 200-day SMA, which would trigger a Golden Cross.
This setup is widely watched by market participants and often suggests the start of a longer-term bullish phase. The Relative Strength Index (RSI) is testing the 50 midpoint, while the Awesome Oscillator (AO) has begun to show green bars, signaling momentum shift.
On-Chain Metrics and Institutional Activity Support Uptrend Outlook
On-chain activity is also picking up. According to Santiment data, Ethereum has seen a 134% increase in new addresses since June 22. Daily active addresses also rose sharply from 412,000 to 687,000 in four days. These changes reflect growing network usage and investor interest.
Institutional involvement remains strong. BlackRock reportedly acquired $100 million worth of ETH, while Fidelity recorded $60 million in ETH ETF inflows. Futures interest has grown, and whales purchased 1 million ETH on June 16, the largest daily buy since 2018, according to Glassnode data.
Based on current technical and on-chain data, Ethereum’s next key resistance levels are $2,738 and $2,879. If these levels break, analysts expect a push toward $3,000 by mid-July and potentially $4,000 by Q3 2025.
