Ethereum (ETH) Flashes a Major Bullish Signal: The Beginning of a Massive Rally?

The second-largest cryptocurrency has retraced 6% over the past week, yet an important development suggests the bullish setup remains intact. Many market observers believe ETH could soon reach a new all-time high, while one mysterious trader spent millions to open an extremely risky long position in the asset. Popular X user Ash Crypto revealed that ETH closed its fourth consecutive week above the 50-week moving average (MA) after bouncing off multi-month support at $2,405. This is considered a major long-term trend indicator and suggests momentum remains on the bulls’ side (despite recent volatility).