Ethereum Price Is About To Confirm A Golden Cross On The Daily Time Frame, Here’s What Happened Last Time

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As a seasoned crypto researcher with years of experience under my belt, I find myself intrigued by the latest developments surrounding Ethereum. The impending golden cross on its daily timeframe is reminiscent of a bullish catalyst we saw last year that propelled ETH to new heights.

According to crypto experts, the Ethereum price is getting close to verifying a ‘golden cross’ on its daily chart. This could signal positive momentum for Ethereum, as it previously experienced a strong upward trend when this event occurred.

Ethereum Price To Confirm Golden Cross, What Next?

As an analyst, I’ve noticed that Ethereum’s price could experience a golden cross this week, which is a significant technical indicator. In essence, this occurs when a short-term moving average (like the 50-day moving average) intersects with a long-term one (such as the 200-day moving average). Historically, such an event suggests that the cryptocurrency in question may be poised for a sustained upward trajectory.

The well-known cryptocurrency analyst, Charting Guy, also validated this recent trend for Ethereum’s price and offered explanations on what occurred the last time Ethereum experienced the golden cross. In a social media post, the crypto expert presented a graph illustrating the past event along with a similar pattern from that period.

As an analyst, I recently observed that the last instance when Ethereum’s price exhibited a golden cross on the daily chart was between November and December last year. Notably, following this Golden Cross event, Ethereum experienced a significant surge, rising from approximately $1,800 to a local peak of around $3,600 in March this year.

If historical patterns were to reoccur, the price of Ethereum might once more experience a prolonged surge towards the end of this year. As illustrated in Charting Guy’s chart, Ethereum could potentially reach heights of around $8,000 somewhere between March and May of the coming year. Currently, Ethereum is demonstrating positive momentum, with its recent rise while Bitcoin is consolidating its position.

As an analyst, I’ve noticed a fascinating trend unfolding in the cryptocurrency market. The price of Ethereum has managed to regain its earlier year’s peak of around $3,600, which is a significant milestone. Concurrently, data from Blockchain Center indicates that we’re squarely in an altcoin season. This phase is characterized by substantial growth in the value of altcoins like Ethereum, while Bitcoin’s dominance experiences a temporary dip. To put this into perspective, more than 75% of the top 50 cryptocurrencies have outperformed Bitcoin over the past three months.

Breakout And Then Moon

In a recent post on X, crypto expert Titan of Crypto predicted that Ethereum’s price might soon experience a significant increase. According to him, once Ethereum manages to break free from the 3-year symmetrical triangle it has been confined within, it could reach unprecedented heights. The analyst’s graphical representation suggests that Ethereum may surpass its current record high of $4,800 and potentially rise as high as $7,000.

A cryptocurrency expert, who is also the founder of Venture, made a similar prediction of $7,000 for Ethereum’s price. This forecast was based on a large cup and handle triangle that has been shaping up for Ethereum since 2021, which he pointed out. Furthermore, the analyst suggested that ETH could experience a significant surge once it confirms a breakout above the $3,800 threshold.

Currently, as I’m typing this, Ethereum’s value stands roughly at $3,670, marking an increase over the past 24 hours, based on information from CoinMarketCap.

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2024-12-04 19:16