Ethereum (ETH) is showing renewed bullish momentum as technical signals point toward a potential trend reversal. At the time of writing, ETH is trading at $2,438.92 with a 24-hour trading volume of $12.89 billion and a market capitalization of $294.48 billion. Analyst Luca reported that Ethereum has formed its first golden cross since July 2025, a pattern that previously triggered a nearly 100% rally. Meanwhile, institutional accumulation is strengthening confidence, with BitMine Immersion Technologies, headed by Tom Lee of Fundstrat, reportedly accumulating an additional 51,000 ETH worth approximately $126 million.
Ethereum (ETH) is showing renewed bullish momentum as technical signals point toward a potential trend reversal. At the time of writing, ETH is trading at $2,438.92 with a 24-hour trading volume of $12.89 billion and a market capitalization of $294.48 billion.
According to analyst Luca, Ethereum has formed its first golden cross since July 2025. The pattern appears when the 50-day moving average rises above the 200-day average, often indicating improving momentum and a potential shift toward a sustained uptrend.
Following the last golden cross, there was a rally of nearly 100% on Ethereum. If the altcoin repeats a similar feat at the current level, it could potentially reach $4,800.
Data from Lookonchain highlighted that BitMine Immersion Technologies, headed by Tom Lee of Fundstrat, appears to be maintaining its relentless accumulation approach. Blockchain statistics indicate that the company has accumulated an additional 51,000 ETH worth around $126 million on crypto exchanges such as FalconX and BitGo.
The recent trade has contributed to the growing ETH hoard at BitMine and its larger strategy of acquiring a sizeable stake in Ethereum. The trade, although unconfirmed by BitMine, has attracted attention since the amount traded is rather large.
Despite the bullish price predictions and institutional accumulation, the ETH price is still moving in neutral territory. This move is also backed by the general trend in the crypto market as the BTC price has started to move sideways.
The next step for Ethereum is determined by how long the bulls can maintain their momentum and drive ETH above critical resistance levels. If more accumulation by institutions occurs, it may support the price target of $4,800. Otherwise, if support fails or momentum is lost, consolidation may be seen before any recovery.
