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As of June 8, Ethereum 
$3,414 has shown renewed momentum, infusing fresh energy into its price trajectory. Analysts regard the concurrent emergence of a golden cross and a bullish pennant pattern as predictors of an impending rally. The nearing convergence of short and long-term moving averages boosts buying appetite, while the pennant structure, confining the price within a narrow range, increases the chances of a breakout. Notably, increased investor interest is said to be fueled by the anticipation of a Donald Trump-endorsed “Blue-Chip” cryptocurrency ETF.
Technical Indicators Support Ethereum’s Ascendancy
The golden cross formation is on the verge of occurring as the short-term average approaches ascending over the long-term one. Analysts highlight this as a sign of bullish sentiment still prevailing. Historical data suggests that prices often gain upward momentum following a golden cross, evidenced by increased trading volume post-June 8.
Meanwhile, the bullish pennant on the chart confirms that Ethereum has repeatedly touched the upper boundary of its confined price band in recent weeks. Should the upper line of the formation be breached, market observers anticipate an initial test of the $4,000 level. Analysts emphasize that increased trading volume within the pennant strengthens the likelihood of a positive breakout.
Trump-Backed ETF Prospect Boosts Investor Interest
The news of a “Blue-Chip cryptocurrency ETF” endorsed by former U.S. President Donald Trump has quickly shifted market sentiment positively. Approval of such an ETF could simplify institutional access to Ethereum and similar assets, leading analysts to predict new capital inflows over the medium to long term.
Despite an unclear interest rate outlook on the macroeconomic front, Ethereum’s technical stance remains robust. Market commentators assert that dual-confirm indicators like the golden cross and bullish pennant could support prices against potential volatility. However, high volatility and regulatory uncertainties necessitate a cautious approach from investors.
