Ethereum (ETH) Shows “Golden Cross”; Analysts See $3,000 Price Target

Following a prolonged downtrend, Ethereum (ETH) is now flashing multiple bullish signals, the most notable being the confirmation of a “Golden Cross,” a historically significant pattern that often marks the beginning of a sustained uptrend.

ETH’s daily chart shows a Golden Cross–a technical setup where the 50-day moving average crosses above the 200-day moving average. The crossover, highlighted by crypto analyst Ted Pillow, could push the digital asset toward $3,000 soon.

Further supporting a bullish case for Ethereum, analyst Ali Martinez pointed out that Ethereum’s MVRV (Market Value to Realized Value) ratio has shifted from bearish to bullish, suggesting ETH is now undervalued relative to its on-chain fundamentals.

Additionally, whale accumulation has surged. Large holders have collectively bought over 450,000 ETH in the . Additionally, exchange data shows that almost 1 million ETH has been withdrawn from trading platforms since April.

Martinez emphasizes that as long as Ethereum holds above the critical $2,200 support level, upward price targets of $3,000 and even $4,000 remain viable.

After rebounding from the $1,600 zone, ETH surged past the 0.618 Fib level near $2,081, which now acts as a support area. The rally pushed prices toward the 1.618 Fib extension at $2,290, and although ETH is currently retracing, this level remains pivotal for future upside moves.

If bullish momentum continues, Fibonacci extension targets to watch include 2.618 extension at $2,627; 3.618 extension at $2,964; and 4.236 extension at $3,172.

These coincide with major psychological levels ($3,000 and $3,200), reinforcing the next leg up should ETH break past $2,627 convincingly.

On the other hand, the RSI (Relative Strength Index) peaked around 72, indicating ETH entered overbought territory earlier in May. While a slight pullback has occurred, RSI remains elevated at 60.90, suggesting bullish momentum is still alive but cooling off slightly.

However, the Balance of Power (BoP), while volatile, reflects mild bearish divergence recently (around -0.60), possibly hinting at short-term consolidation or correction before the next move up.