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Ethereum ETH $2,445.75 Ethereum -1.61% Market capitalization $295.16 billion VOL. 24 hours $0.65 billion is showing signs of a potential breakout above $ 4,015 amid the formation of a bullish flag and the appearance of a golden cross on technical charts. In recent weeks, the second largest cryptocurrency by capitalization has been consolidating near local highs after rising from $ 1,390 to $ 2,873.
Technical analysis indicates that the cryptocurrency is approaching the «golden cross» — when the 50-day moving average crosses the 200-day moving average from above, which usually indicates a long-term uptrend. The bull flag pattern, which is formed after rapid growth and sideways consolidation, also projects a target of $ 4015 based on the height of the flagpole.
The rate is further supported by a record nine weeks of continuous inflows to spot Ethereum ETFs, whose total assets have exceeded $ 11 billion with cumulative inflows of more than $ 4.5 billion. Open interest in the Ethereum futures market rose to $ 37 billion, the highest level since June 13