Ethereum has flashed a major technical signal on the daily charts, though market participants remain cautious as the asset confronts a crucial multi-year moving average. Ether’s 50-day moving average crossed above its 200-day moving average this week, forming a technical formation known as a golden cross. While this specific setup has historically preceded sustained bullish market phases, analysts note that it does not guarantee immediate upside momentum.
Amid the shifting technical backdrop, large-scale accumulation has continued apace. Tom Lee’s Bitmine maintained its buying pressure through the move, picking up 32,447 ETH last week before following up with an additional acquisition of 53,501 ETH on Monday. This aggressive dollar-cost averaging strategy has significantly narrowed the firm’s unrealized losses, bringing them down from a peak of $8.4 billion to under $5 billion.
Despite the bullish cross and institutional inflows, Ether faces a formidable barrier on higher timeframes. The digital asset is currently testing its 200-week moving average for the first time since breaking below the key level in January. Market observers emphasize that while daily momentum indicators are improving, Ether has not yet cleared this crucial macro resistance level convincingly.
Traders and investors will be watching closely to see whether spot demand can sustain the momentum generated by the recent moving average crossover and help secure a decisive weekly close above the 200-week line.
