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Cryptocurrency analysts have revealed that the price of Ethereum is about to be confirmed 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’s Next?
Posted by X, Cryptocurrency Analyst Tony Severino It was reported that Ethereum price is heading towards a golden cross this week. This golden crossover occurs when a short-term moving average (MA), such as the 50-day moving average, crosses a long-term moving average, such as the 200-day moving average. This usually indicates that the cryptocurrency in question is set to enjoy a long-term upward trend.
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Cryptocurrency analyst Charting Guy also confirmed this development in Ethereum price and provided insight into what happened the last time Ethereum witnessed this golden cross. In X’s post, the cryptocurrency analyst shared a chart showing what happened with the fractal from that time.
Coincidentally, the last time Ethereum price confirmed this golden cross on the daily time frame was between November and December last year. After the Golden Cross, comes Ethereum He rallied From around $1,800 last year to a local high of around $3,600 in March earlier this year.
If history repeats itself, the Ethereum price may once again see such a sustained uptrend in the new year. Chart of a man The accompanying chart showed that Ethereum could rise to a level of $8,000 sometime between March and May next year. Ethereum is already showing signs of bullish momentum, having surged in the past few days while Bitcoin is consolidating.
Ethereum price has already reclaimed the local high of $3,600 earlier in the year. Meanwhile, Blockchain Center Data It appears that it is indeed altcoin season. This happens when Ethereum and other altcoins post significant gains Bitcoin dominance Cool down. For context, more than 75% of the top 50 cryptocurrencies have outperformed Bitcoin in the last 90 days.
Eruption then moon
Posted by X, Cryptocurrency Analyst Titan encryption He suggested that an Ethereum price breakout was imminent. He stated that once ETH breaks out of the 3-year symmetrical triangle, it will soar to new heights. The accompanying analyst chart showed that Ethereum could surpass its all-time high (ATH) of $4,800 and rise to $7,000.
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Cryptocurrency analyst Venture Founder also made a similar $7,000 prediction for Ethereum price. This came as the spotlight shone on a giant Cup and handle The triangle that has been forming for Ethereum since 2021. The analyst added that ETH could explode once a breakout above the $3,800 range is confirmed.
At the time of writing, Ethereum price is trading at around $3,670, rising over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com