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Ethereum Price to Confirm Golden Cross, What Next?
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Introduction
The Ethereum price is on the verge of confirming a golden cross, a bullish indicator that has historically preceded significant price increases. Crypto analysts are predicting a parabolic rally in the coming months, with some predicting prices could reach as high as $8,000 by May 2024.
Golden Cross and Its Implications
A 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 signals a long-term upward trend for the cryptocurrency in question. In the case of Ethereum, this could mean a sustained price increase similar to what was seen in 2021.
Analysts’ Insights
Tony Severino, a prominent crypto analyst, recently posted on social media that the Ethereum price is set to confirm a golden cross this week. This development is significant, as it indicates a long-term upward trend for the cryptocurrency. Charting Guy, another respected analyst, also confirmed this development and shared a chart showing the potential outcome.
Historical Context
The last time the Ethereum price confirmed a golden cross on the daily timeframe was between November and December last year. Following this event, Ethereum rallied from around $1,800 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 a sustained upward trend into the new year.
Breakout and Then Moon
Crypto analyst Titan of Crypto recently 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 analyst’s accompanying chart showed that Ethereum could surpass its current all-time high (ATH) at $4,800 and rally as high as $7,000.
Altcoin Season
Blockchain Center data shows that it is already altcoin season, with over 75% of the top 50 cryptocurrencies outperforming Bitcoin in the last 90 days. This is a significant development, as it indicates that the market is shifting towards smaller-cap altcoins.
Conclusion
The Ethereum price is on the verge of confirming a golden cross, a bullish indicator that has historically preceded significant price increases. Analysts are predicting a parabolic rally in the coming months, with some predicting prices could reach as high as $8,000 by May 2024. With the market shifting towards smaller-cap altcoins, now may be the time to consider investing in Ethereum.
FAQs
Q: What is a golden cross?
A: A golden cross is a technical analysis term that refers to the point at which a short-term moving average (MA) crosses a long-term MA.
Q: What is the significance of a golden cross?
A: A golden cross is a bullish indicator that has historically preceded significant price increases, indicating a long-term upward trend.
Q: What are some potential outcomes for the Ethereum price if it confirms a golden cross?
A: According to analysts, the Ethereum price could rally to as high as $8,000 by May 2024, surpassing its current all-time high (ATH) at $4,800.
Q: Is it a good time to invest in Ethereum?
A: With the market shifting towards smaller-cap altcoins, now may be a good time to consider investing in Ethereum, but it is essential to do your own research and consult with a financial advisor before making any investment decisions.
