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Crypto analysts have pointed out that the price of Ethereum is about to confirm a golden cross on a daily schedule. This gives a better outlook for Ethereum, as it enjoyed a parabolic rally the last time this happened.
Ethereum Price To Confirm Golden Cross, What’s Next?
In X post, crypto analyst Tony Severino mentioned that the price of Ethereum is heading towards the golden cross this week. This golden cross occurs when a short-term moving average (MA), such as the 50-day MA, crosses a long-term MA, such as the 200-day MA. This usually indicates that the crypto in question is set to enjoy a long-term upward trend.
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Crypto analyst Charting Guy also confirmed this improvement in the price of Ethereum and gave an insight into what happened the last time Ethereum saw this golden cross. In X’s post, the crypto analyst shared a chart that shows what has happened in combination with the fractal since then.
Coincidentally, the last time Ethereum price confirmed this golden cross on a daily basis was between November and December last year. It follows Golden Cross, Ethereum it gathered from around $1,800 last year to a local high of around $3,600 in March earlier this year.
If history were to repeat itself, the price of Ethereum could once again witness such an upward trend in the new year. Charting Guy’s The accompanying chart showed that Ethereum could reach as high as $8,000 sometime between March and May next year. Ethereum is already showing signs of increasing momentum, as it rallied over the past few days while Bitcoin rallied.
Ethereum price has already recovered the local high of $3,600 since the beginning of the year. Currently, Blockchain Data Center shows that it is already altcoin season. This is when Ethereum and other altcoins recorded significant gains during the period Bitcoin dominance it’s cool. In context, more than 75% of the top 50 cryptos have outperformed BTC over the past 90 days.
The Explosion Then Follows the Moon
In X post, crypto analyst Crypto Titan suggested that a breakout in Ethereum’s price was imminent. He said that once ETH has escaped the 3-year symmetrical triangle, it will rally higher. The accompanying chart from the analyst showed that Ethereum could surpass its current high (ATH) at $4,800 and rally as high as $7,000.
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The Crypto Venture Founder analyst also made a similar prediction of $7,000 for the price of Ethereum. This happened when he highlighted the giant cup and handle a triangle created for Ethereum from 2021. The analyst added that ETH could explode if it confirms a break above the $3,800 range.
At the time of writing, the price of Ethereum is trading around $3,670, up to 24 hours ago, according to data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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