Analyst Confirms Ethereum Golden Cross As ETH Surges Past $4,000
Ethereum (ETH) surged above $4,000 earlier today for the first time since March 2024. After a golden cross broke above a key price level, analysts believe it could mark the start of the much-anticipated altcoin season.
How far can the Golden Cross push Ethereum?
Ethereum, the leading smart contract blockchain, saw its native ETH token rise by more than $4,000 today. Interestingly, ETH is showing signs of strength not only against USDT, but also against Bitcoin (BTC).
Related reading
In the ETH/BTC daily trading chart below, you can see that ETH has been rising against the top cryptocurrencies. The ETH/BTC trading pair has surged from 0.032 on November 21 to 0.04 at the time of writing.
Continued strength relative to BTC is important for any potential upcoming altcoin season – a period in which altcoins have outperformed BTC as the latter continues to trade sideways within a range.
Cryptocurrency analyst @ventureFounder turns to X for help confirm ETH completed its first golden cross of the year on the daily chart. The analyst highlighted the bullish momentum a golden cross can bring to ETH price, saying:
The last time this happened, Ethereum Still in a bear market consolidation phase, but still up 129%. In the 2021 bull market, the last golden cross occupies Ethereum +2,323%.
For the uninitiated, a golden cross in trading is a bullish technical indicator that occurs when a short-term moving average crosses over a longer-term moving average. In the case of ETH, the 50-day EMA has broken above the 200-day EMA, which is a sign of a strong rebound or trend reversal.
Another Cryptocurrency Analyst: Altcoin Sherpa indicated If ETH decisively breaks above the $4,000 level, its next level of resistance could be near the $4,800 to $5,000 price levels. ETH’s current all-time high (ATH) is $4,878, set in November 2021, according to CoinGecko.
It’s also worth highlighting that the Ethereum exchange-traded fund (ETF) is finally start attract attention institutional investors. according to data Data from SoSoValue shows that on December 5, the total daily net inflow of the US spot ETH ETF was US$428 million.
Copycat season is coming?
Bitcoin dominance (BTC.D), a key indicator often used to determine the start of alt season, has continued to decline over the past three weeks. BTC.D plummeted from about 61% to 55%, indicating the recent strong performance of altcoins relative to BTC.
The altcoin’s rebound during yesterday’s BTC plunge to $90,500 is another bullish sign, suggesting that altcoins may rebound in the coming days. Additionally, altcoin analyst CryptoAmsterdam famous It might be time for mid-cap altcoins to start a parabolic cycle.
Related reading
Looking forward to Ethereum’divine candle” This could send the digital asset surging towards $5,000, and the coming days are sure to be exciting for altcoin bulls. At press time, ETH was trading at $4,000, up 2.5% in the past 24 hours.
Featured images from Unsplash, charts from X and Tradingview.com
