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Ethereum (ETH) rose above $4,000 earlier today for the first time since March 2024. Having surpassed the key price level of the golden cross, analysts are confident that this could signal the start of the highly anticipated altcoin season.
How Far Can Gold Cross Push Ethereum?
Ethereum, the leading smart contract blockchain, saw its native ETH token rise above $4,000 today. What is interesting is that ETH is not only showing signs of strength against USDT, but also against Bitcoin (BTC).
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In the ETH/BTC daily trading chart below, it can be seen that ETH is gaining ground against the top cryptocurrency. The ETH/BTC trading pair has risen from 0.032 on November 21 to 0.04 at the time of writing.
Continued strength against BTC is important for any potential upcoming altcoin season – a period marked by altcoins outperforming BTC as the latter continues to trade sideways within a range.
Cryptocurrency analyst @venturefounder moved to X Make sure ETH has completed its first golden cross this year on the daily chart. The analyst highlighted the bullish momentum the Golden Cross could bring to the ETH price, saying:
The last time this happened, Ethereum It was still in the consolidation stages of the bear market but was still up +129%. In the 2021 bull market, Goldencross took the latter Ethereum +2,323%.
For starters, a golden cross in trading is a bullish technical indicator that occurs when the short-term moving average crosses above the long-term moving average. In the context of ETH, the 50-day moving average has crossed above the 200-day moving average, which is a sign of a strong rally or trend reversal.
Another crypto analyst Altcoin Sherpa Shown That if ETH decisively breaks the $4,000 level, the next resistance level could be around the $4,800 to $5,000 price level. According to CoinGecko, the current all-time high value (ATH) of ETH is $4,878 recorded in November 2021.
It’s also worth noting that exchange-traded funds (ETFs) are finally here Get started To attract the attention of institutional investors. according to Data From SoSoValue, US ETH ETFs attracted $428 million in total daily net inflows on December 5.
Altison on the horizon?
Bitcoin (BTC.D) dominance, a key metric often used to determine the start of the swing season, has been on a steady decline over the past three weeks. The price of BTC.D has collapsed from around 61% to 55%, indicating the recent strong performance of altcoins against BTC.
Altcoin’s resilience during yesterday’s BTC flash crash to $90,500 is another bullish sign indicating a potential rally for the altcoin in the coming days. Additionally, Altcoin Analyst Crypto Amsterdam male It may be time for mid-cap altcoins to start their parabolic cycle.
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With great anticipation for EthereumGod’s candleThis could take the digital asset to $5,000, and the coming days are sure to be exciting for altcoin bulls. At press time, Ethereum is trading at $4,000, up 2.5% over the past 24 hours.
Featured image from Unsplash, charts from X and Tradingview.com
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