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Crypto analysts have recently uncovered a significant development in the Ethereum market – the imminent confirmation of a golden cross on the daily time frame. This promising signal suggests a bullish outlook for Ethereum, as it has historically led to substantial price rallies in the past.
Ethereum Price Set to Confirm Golden Cross
Renowned crypto analyst Tony Severino has highlighted that Ethereum is on track to achieve a golden cross this week. This technical pattern occurs when a short-term moving average, such as the 50-day MA, crosses above a long-term MA like the 200-day MA. Typically, this indicates a prolonged bullish trend for the asset.
Charting Guy, another respected analyst, has also corroborated this finding and shared insights into Ethereum’s previous golden cross event. The last time this occurred was between November and December last year, leading to a substantial rally from $1,800 to $3,600 in March this year.
Based on historical data, Ethereum could potentially experience a similar upward trajectory in the coming months. Charting Guy’s analysis suggests a possible rally to $8,000 by March to May next year, showcasing Ethereum’s potential for significant growth.
Moreover, Ethereum has already surpassed its previous high of $3,600 and is showing signs of upward momentum amidst a growing altcoin season. With over 75% of the top 50 cryptocurrencies outperforming Bitcoin in the last 90 days, Ethereum’s prospects look promising.
Anticipating a Breakout and Price Surge
Crypto analyst Titan of Crypto predicts an imminent breakout for Ethereum, suggesting that once ETH breaks out of a 3-year symmetrical triangle pattern, it could soar to new heights. The analyst’s chart indicates a potential rally to surpass the current all-time high of $4,800 and reach as high as $7,000.
Similarly, Venture Founder has also forecasted a $7,000 price target for Ethereum, pointing to a cup and handle pattern formation since 2021. Once Ethereum confirms a breakout above the $3,800 range, it could trigger a significant price surge.
As of the latest data from CoinMarketCap, Ethereum is currently trading around $3,670, reflecting a positive trend in the market. With the potential for further price growth and market optimism, Ethereum’s future looks promising for investors and traders alike.
Featured image created with Dall.E, chart from Tradingview.com