Ethereum Price Is About To Confirm A Golden Cross On The Daily Time Frame, Here’s What Happened Last Time
Cryptocurrency analysts reveal that Ethereum price is about to confirm golden cross Within the daily time frame. This provides a bullish outlook for Ethereum, as the last time this happened it experienced a parabolic rally.
Ethereum Price Confirms Golden Cross, What’s Next?
In X post, crypto analyst Tony Severino It was mentioned that Ethereum price will move towards a golden cross this week. This golden cross occurs when a short-term moving average (MA) (such as the 50-day moving average) crosses a longer-term moving average (such as the 200-day moving average). This usually indicates that the cryptocurrency in question will exhibit a long-term upward trend.
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Cryptocurrency analyst Charting Guy also confirmed this development in Ethereum price and provided insights into what happened the last time Ethereum witnessed this golden cross. In an X post, the cryptocurrency analyst shared a chart that shows what happened at the time, along with the fractal.
Coincidentally, the last time Ethereum price confirmed this golden cross on the daily timeframe was between November and December last year. After the Golden Cross, Ethereum Regroup It rose from around $1,800 last year to a local high of around $3,600 earlier this year.
If history repeats itself, Ethereum price may witness such a sustained upward trend again in the new year. cartographer’s The accompanying chart shows that Ethereum could rise to highs of $8,000 between March and May next year. Ethereum has shown signs of upward momentum, rising over the past few days while Bitcoin has consolidated.
Ethereum price has regained local highs of $3,600 from earlier this year. at the same time, Blockchain Center Data Showing that it’s already altcoin season. This is when Ethereum and other altcoins record significant gains Bitcoin Dominance Cool down. For context, over 75% of the top 50 cryptocurrencies have outperformed BTC over the past 90 days.
Breakthrough and then to the moon
In X post, crypto analyst crypto titan Indicating that Ethereum price is about to break out. He stated that once ETH escapes the 3-year symmetrical triangle, it will rebound to new heights. The analyst’s accompanying chart shows that Ethereum could break above its current all-time high (ATH) of $4,800 and rebound to $7,000.
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Cryptocurrency analyst Venture Founder also made a similar $7,000 prediction for Ethereum price. This is because he emphasized a giant cup and handle Ethereum has been forming a triangle since 2021. The analyst added that ETH could explode once it confirms a breakout of the $3,800 range.
According to the data, at the time of writing, Ethereum price is trading around $3,670, rising in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
