Ethereum Price Is About To Confirm A Golden Cross On The Daily Time Frame, Heres What Happened Last Time
Crypto analysts have revealed that the Ethereum price is about to confirm a golden cross on the daily time frame. This provides a bullish outlook for Ethereum, as it enjoyed a parabolic rally the last time this happened.
Ethereum Price To Confirm Golden Cross, What Next?
In an X post, crypto analyst Tony Severino mentioned that the Ethereum price is heading to a golden cross this week. This golden cross occurs when a short-term moving average (MA), like the 50-day MA, crosses a long-term MA, like the 200-day MA. This typically indicates that the crypto in question is set to enjoy a long-term upward trend.
Crypto analyst Charting Guy also confirmed this development for the Ethereum price and provided insights into what happened the last time Ethereum witnessed this golden cross. In an X post, the crypto analyst shared a chart that showed what happened combined with the fractal from that time.
Coincidentally, the last time the Ethereum price confirmed this golden cross on the daily timeframe was between November and December last year. Following the Golden Cross, Ethereum rallied from around $1,800 last year to a local top of around $3,600 in March earlier this year.
If history were to repeat itself, the Ethereum price could again witness such a sustained upward trend into the new year. Charting Guys accompanying chart showed that Ethereum could rally to as high as $8,000 sometime between March and May next year. Ethereum is already showing signs of an upward momentum, having rallied these last few days while Bitcoin consolidates.
The Ethereum price has already reclaimed the local top of $3,600 from earlier in the year. Meanwhile, Blockchain Center data shows that it is already altcoin season. This is when Ethereum and other altcoins record significant gains while Bitcoins dominance cools off. For context, over 75% of the top 50 crypto have outperformed BTC in the last 90 days.
Breakout And Then Moon
In an X post, crypto analyst Titan of Crypto suggested that an Ethereum price breakout was imminent. He stated that once ETH escapes the 3-year symmetrical triangle, it will rally to new heights. The analysts accompanying chart showed that Ethereum could surpass its current all-time high (ATH) at $4,800 and rally as high as $7,000.
Crypto analyst Venture Founder also made a similar $7,000 prediction for the Ethereum price. This came as he highlighted a giant cup and handle triangle that has been forming for Ethereum since 2021. The analyst added that ETH could explode once it confirms the breakout above the $3,800 range.
At the time of writing, the Ethereum price is trading at around $3,670, up in the last 24 hours, according to data from CoinMarketCap.
Read more: https://www.newsbtc.com/news/ethereum/ethereum-price-golden-cross/
Text source: NewsBTC
