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crypto analysts have revealed that ethereum price is about to confirm a <a target="_blank" href="https://bitcoinist.com/bitcoin-golden-cross-history/” rel=”nofollow”>golden cross in the daily time frame. This provides a bullish outlook for ethereum as it enjoyed a parabolic rally the last time it happened.
ethereum Price to Confirm Golden Cross, What's Next?
In a post x, crypto analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-top-analyst-stop-rally/” rel=”nofollow”>Tony Severino mentioned that ethereum price is heading for a golden cross this week. This golden crossover 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 generally indicates that the cryptocurrency in question will enjoy a long-term bullish trend.
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crypto analyst Charting Guy also confirmed this development for ethereum price and provided insight into what happened the last time ethereum witnessed this golden cross. In an x post, the crypto analyst shared a chart showing what happened combined with the fractal at that time.
Coincidentally, the last time ethereum price confirmed this golden cross on the daily period was between November and December last year. Following the Golden Cross, ethereum met 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, ethereum price could witness such a sustained uptrend again in the new year. Tracing the boy The accompanying chart showed that ethereum could rise as high as $8,000 sometime between March and May next year. ethereum is already showing signs of upward momentum, having risen in recent days while bitcoin consolidates.
ethereum price has already recovered the local high of $3,600 from the beginning of the year. Meanwhile, Blockchain Center Data shows that it is already altcoin season. This is when ethereum and other altcoins post significant gains while bitcoin's dominance it cools down. For context, over 75% of the top 50 cryptocurrencies have outperformed btc in the last 90 days.
Escape and then moon
In a post x, crypto analyst Cryptocurrency titan suggested that an ethereum price breakout was imminent. He stated that once eth escapes the 3-year symmetric triangle, it will reach new heights. The analyst's accompanying chart showed that ethereum could surpass its current all-time high (ATH) of $4,800 and rise as high as $7,000.
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crypto analyst Venture Founder also made a similar prediction of $7,000 for the price of ethereum. This occurred while a giant stood out. <a target="_blank" href="https://bitcoinist.com/bitcoin-bullish-cup-handle/#:~:text=Cup%20And%20Handle%20Pattern%3A%20What,a%20long%2Dterm%20bullish%20breakout.” rel=”nofollow”>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, ethereum price is trading at around $3,670, up in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/ethereum/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
