Ethereum CrossX Indicators Signal Buy as Institutions Accumulate; Analyst Predicts $4,000 Target.
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Recent analyses indicate that the Ethereum (ETH) CrossX indicator is showing strong buy signals, hinting at a possible breakout towards the $4,000 mark. As market dynamics shift from selling to buying, on-chain data reveals significant accumulation of ETH tokens by institutional investors, reflecting a change in sentiment.
Institutional Investors Accumulate ETH as Buy Signals Emerge
On-chain analytics service Lookonchain has observed a significant uptick in Ethereum accumulation, primarily due to institutional entities. Within three hours, a wallet linked to the trading firm Cumberland DRW withdrew an impressive 27,632 ETH, valued around $50.24 million. These transactions were executed across major exchanges, including Coinbase, Copper, and Binance.
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The wallet exhibited extensive activity involving several high-value withdrawals, such as a 7,600 ETH transfer worth $13.83 million from Coinbase, a 5,992 ETH withdrawal equating to $10.92 million from Copper and Binance, and a further 5,960 ETH transfer valued at $10.88 million from Copper.
Importantly, the receiving wallet, 0ex287AA111…, was consistently utilized for all operations, indicating organized accumulation rather than standard trading practices. Historically, large withdrawals from Ethereum exchanges have often foreshadowed price increases, as they substantially limit sell-side liquidity and suggest that investors are looking to hold for the long term.
With this growing influx of institutional interest, the Ethereum CrossX Indicator, as highlighted by Ezy Bitcoin on X, has recently flashed a strong buy signal. This suggests that interest from institutions is increasing, indicating heightened demand and potentially paving the way for additional upward price momentum.
Ethereum CrossX Indicator Indicates Possible Surge to $4,000
Expounding on Ezy Bitcoin’s analysis, the CrossX indicator, which has officially generated a buy signal for Ethereum, points towards a potential rise exceeding $4,000 for the price of this altcoin. The market analyst notes that this is the first signal observed in nearly six months and has historically preceded significant price movements and surges.
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The CrossX Indicator, which identifies high-probability trend reversals based on volume, price movements, and divergence patterns, has exhibited remarkable accuracy in previous cycles. As shown in the analyst’s weekly chart, earlier buy signals were followed by upward trends that elevated ETH to new local peaks.
Currently, with Ethereum rebounding from its recent lows and experiencing a new Bullish Divergence, a similar rally may be in the works. If historical trends hold true, ETH could be poised for a climb beyond $3,000, with the potential to reach the $4,200 threshold by year’s end.
According to data from CoinMarketCap, Ethereum is trading at $1,803, reflecting a yearly decrease of 43.10%. A surge to $4,200 would signify an extraordinary 132.95% rise, moving Ethereum (ETH) closer to its recent all-time high of over $4,800.
Featured image from Adobe Stock, chart from Tradingview.com
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