Ethereum Golden Cross, Record Accumulation Fuel $3.3K ETH Price Outlook

Ethereum’s native token, Ether (ETH), has flashed a fresh golden cross on its daily chart. This bullish technical signal has historically preceded strong upside moves for the second-largest cryptocurrency by market cap.

Golden Cross Aligns With Ethereum Bull Flag

The golden cross, where the 50-day simple moving average (SMA) crosses above the 200-day SMA, materialized on Ethereum’s daily chart in early July, a textbook bullish signal that historically precedes extended uptrends.

This latest crossover echoes similar setups seen in December 2023 and late 2022, both of which preceded notable ETH rallies.

In particular, the December 2023 golden cross proved to be highly profitable for bulls. It preceded a 105% price explosion, sending ETH from around $2,000 to over $4,100 within just four months.

Likewise, a smaller golden cross in late 2024 triggered a 17% rally, albeit more short-lived, as macro headwinds eventually tempered momentum.

Now, the backdrop for another potential leg higher is forming — but with stronger technical reinforcement. Complementing the golden cross is a bull flag pattern that has been unfolding over the past several weeks.

The flag follows ETH’s sharp rebound from its May lows, forming a period of tight consolidation between parallel trendlines — a classic continuation structure in technical analysis.

ETH/USD daily price chart. Source: TradingView

ETH/USD is currently hovering near the flag’s upper boundary, signaling a potential breakout. If the breakout is confirmed, the pattern’s measured target, determined by the height of the flagpole, puts Ethereum’s upside at around $3,314 in the near term.

Record ETH Accumulation Underscores Investor Confidence

Ethereum’s accumulation addresses, wallets that show minimal to no outflows and do not belong to centralized exchanges, have added 6.01 million ETH in June, bringing their total to an all-time high of 22.75 million ETH.

This cohort’s realized price, their average acquisition cost, sits at around $2,114, putting them in over 21% unrealized profit with ETH trading near $2,550 as of July 4.

These wallets are often tied to long-term investors, institutional players, and ETF custodians. Their aggressive buying during June reflects a growing confidence in Ethereum’s medium- to long-term prospects, even as price remains trapped in a sideways range.

Meanwhile, Ethereum staked via protocols like Lido and Binance Staking reached an all-time high of 35.56 million ETH as of July 1.

It reduces the liquid supply available for trading, potentially amplifying upward price movements when demand increases.