Ethereum Forms Golden Cross, Potential Rally Above $2,000 Expected
Ethereum (ETH) has increased by 9.9% over the past week, with indicators suggesting continued bullish momentum.
Golden Cross Formation
- ETH has formed a golden cross on the daily chart, indicating potential price rallies.
- The 50-day moving average has crossed above the 200-day moving average, signaling a possible shift to an uptrend.
- A breakout above $2,000 is anticipated as the next resistance level.
Comparative Analysis
- Analyst JJcycles highlighted similarities between ETH's current structure and previous Bitcoin cycles.
- ETH is near the lower boundary of a support trendline, reminiscent of BTC’s price action around $5,000 after the March 2020 crash.
Potential Price Targets
- Bitcoinsensus identified a large bull flag pattern on the monthly chart, suggesting a breakout target of up to $8,000.
- TraderPA indicated that ETH is in a reaccumulation phase, with a potential surge to $6,000 before year-end.
- On-chain metrics show that Ethereum’s Entity-Adjusted Dormancy Flow has fallen below one million, often indicating undervaluation.
Despite positive signals, concerns persist regarding further downside risks, particularly a potential drop to $1,200 due to recent performance issues. Nonetheless, analysts project significant price appreciation for ETH in Q2 2025, with forecasts of new all-time highs by year-end. Currently, ETH trades at $1,755, down 3.3% in the last 24 hours.
