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Ethereum

Ethereum Flashes Golden Cross As Price Recovers – Will This Kick Off The Next Major Surge?

Godspower Owie
by Godspower Owie
2 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is sending a fresh jolt through the crypto market after a sudden upward move on Thursday, with its price finally reclaiming the key $2,500 mark once again. Bullish signals are presently aligning with this renewed strength, which points to a possible continuation of the notable rally.

Golden Cross Lights Up Ethereum Chart

Examining recent price performance, it is observed that the Ethereum technical landscape just came alive, reviving market optimism with a typical bullish signal. Melijn The Trader, a seasoned crypto expert and investor, reported this bullish signal in a post on X, which hints at a potential reversal of an upward trend.

Related Reading: Ethereum’s Price Surges Back To $2,500, And Institutions Are Taking Notice

Specifically, this key positive signal is a Golden Cross. A Golden Cross is considered a bullish indicator that occurs when the short-term moving average climbs above the long-term one. It is a crucial signal that is capable of flipping a trend from the downside to the upside.

According to Melijn The Trader, the golden cross has appeared in the 1-day time frame chart after a period of waning price action. This signal, in alignment with recent upswings, indicates growing momentum that is likely to pave the way for the next substantial rally to higher price levels.

Ethereum
ETH fhasles gsource: Melijn The Trader on X

Looking at the daily chart, Ethereum flashed the golden cross just a little above the critical $2,500 price mark. Melijn The Trader highlighted that this point is where bull markets tend to kick off, and history does not take it lightly.

Considering the fact that a golden cross is a bullish development, Melijn The Trader claims that ETH is currently sending a clear signal about a breakout to the upside. With prices presently rising and technical indicators flashing positive signals, the expert is confident that the next leg is not a matter of if, but when.

ETH Bounces After Retests Key Trend Line

Melijn The Trader has also delved into the 2-day time frame chart of Ethereum, revealing that the altcoin is gearing up for a rally. The analyst has identified a descending resistance trendline and an ascending support trendline, currently determining the next potential direction of ETH.

Related Reading: Ethereum Builds Strength Against Bitcoin: Breakout Prediction Above 0.02 BTC

A look at the chart shows that Ethereum recently broke above the descending resistance trend. However, ETH failed to initiate a rally, which led to a period of consolidation within the $2,200 and $2,700 price range.

Currently, the altcoin just nailed a retest of the descending resistance trend line and has bounced perfectly off the line. ETH’s rebound from the trend line points to signs of rally continuation, with Melijn The Trader noting that this is where the next wave will begin.

While the altcoin prepares for a liftoff, the expert stated that the market is watching this key signal. However, only a few are positioned for the impending leg-up.

Ethereum
ETH trading at $2,546 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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