So i have data on sheet one that I enter in daily in one column. I calculate the moving average in the column next to the data with something like =AVERAGE($G$2:G42)...and each day that i enter in new data, i drag the average formula down so it updates. Now, I have a second sheet. How can I have the moving average from sheet one update automatically in sheet two in ONE cell?
Is this even possible?

for dynamic average, use the combination of sum and counta funcitons

lets try....

=sum(g2:G65000)/counta(g2:g65000)

all the best.