Ethereum Price Set to Confirm Golden Cross This Week
Crypto analysts indicate that the Ethereum price is approaching a golden cross on the daily time frame, suggesting a bullish trend. Historically, such occurrences have preceded significant rallies.
Ethereum Price To Confirm Golden Cross, What Next?
Analyst Tony Severino noted that this golden cross occurs when a short-term moving average (MA), like the 50-day MA, crosses above a long-term MA, such as the 200-day MA. This pattern typically signals an upcoming long-term upward trend.
Analyst Charting Guy confirmed this analysis and shared a chart illustrating previous outcomes following similar golden crosses. The last occurrence was between November and December of the previous year, leading to a rise from approximately $1,800 to around $3,600 by March of this year.
If historical patterns repeat, Ethereum could experience significant gains in the upcoming months. Charting Guy's chart indicates a potential rise to $8,000 between March and May next year, with current momentum showing Ethereum has reclaimed the $3,600 level while Bitcoin consolidates.
Data from Blockchain Center indicates it is currently altcoin season, with over 75% of the top 50 cryptocurrencies outperforming Bitcoin in the last 90 days.
Breakout And Then Moon
Analyst Titan of Crypto predicts an imminent breakout for Ethereum. He suggested that a movement beyond the three-year symmetrical triangle could lead to new highs, potentially surpassing the all-time high (ATH) of $4,800 and reaching up to $7,000.
Another analyst, Venture Founder, also projected a $7,000 price target, citing a long-term cup and handle pattern that has been developing since 2021. A breakout above the $3,800 mark could trigger further upward movement.
The current trading price of Ethereum is approximately $3,670, reflecting an increase over the past 24 hours, according to CoinMarketCap data.
