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Crypto analysts have revealed that Ethereum price is close to confirming a golden cross on the daily calendar. This gives a bullish outlook for Ethereum, as it saw a parabolic rally the last time this happened.
Ethereum price will confirm the Golden Cross, what next?
In a post Tony Severino mentioned that the Ethereum price is heading towards a golden cross this week. This golden cross occurs when a short-term moving average (MA), such as the 50-day MA, crosses a long-term MA, such as the 200-day MA. This generally indicates that the crypto in question is expected to see an upward trend in the long term.
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Crypto analyst Charting Guy also confirmed this Ethereum price action and provided insight into what happened the last time Ethereum witnessed this golden cross. In an article X, the crypto analyst shared a chart showing what happened combined with the fractal of that era.
Coincidentally, the last time Ethereum price confirmed this golden cross on the daily time frame was between November and December last year. After the Golden Cross, Ethereum rallied from around $1,800 last year to a local high of around $3,600 in March earlier this year.
If history were to repeat itself, the Ethereum price could once again see such a sustained upward trend in the new year. Mapping guys The attached chart shows that Ethereum could reach $8,000 between March and May next year. Ethereum is already showing signs of upward momentum, having rallied in recent days while Bitcoin consolidates.
Ethereum price has already reclaimed the local high of $3,600 from earlier this year. In the meantime, Blockchain Center Data shows that it is already altcoin season. This is when Ethereum and other altcoins see significant gains while The dominance of Bitcoin cools down. As a reminder, more than 75% of the top 50 cryptocurrencies have outperformed BTC over the past 90 days.
Escape and then moon
In a post Crypto Titan suggested that an Ethereum price breakout was imminent. He said that once ETH escapes the 3-year symmetrical triangle, it will reach new highs. The analyst’s attached chart shows that Ethereum could surpass its current all-time high (ATH) at $4,800 and reach $7,000.
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Crypto analyst Venture Founder also made a similar prediction of $7,000 for the Ethereum price. This happened while he was highlighting a giant cup and handle triangle that has been forming for Ethereum since 2021. The analyst added that ETH could explode once it confirms the breakout above the $3,800 range.
At the time of writing, Ethereum price is trading at around $3,670, up over the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
