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Ethereum (ETH) surged past $4,000 earlier today for the first time since March 2024. Having surpassed a key price level with a golden cross, analysts are confident that this could signal the beginning of the highly anticipated altcoin season. How Far Can The Golden Cross Push Ethereum?
Ethereum, the leading smart contract blockchain saw its native ETH token rise beyond $4,000 today. What’s interesting is that ETH is not only showing signs of strength against USDT but also against Bitcoin (BTC). Related Reading Ethereum To Pull A BTC 2021-Like Rally? Analyst Shares Massive Prediction 1 day ago
In the ETH/BTC daily trading chart below, it can be seen that ETH has been making gains against the top cryptocurrency. The ETH/BTC trading pair has surged from 0.032 on November 21 to 0.04 at the time of writing. Source: ETHBTC on TradingView.com
Continued strength against BTC is important for any potential upcoming altseason — a period marked by altcoins outperforming BTC as the latter continues to trade sideways within a range.
Crypto analyst @venturefounder took to X to confirmthat ETH has completed its first golden cross of the year on the daily chart. The analyst highlighted the bullish momentum a golden cross can impart to ETH’s price, stating: Last time this happened, Ethereum was still in the consolidation stages of the bear market but it still went +129%. In the 2021 bull market, the last goldencross took ETH +2,323%. Source: venturefounder on X
For the uninitiated, a golden cross in trading is a bullish technical indicator that occurs when a short-term moving average crosses above a long-term moving average. In ETH’s context, the 50-day MA has crossed above the 200-day MA, a sign of a strong rally or trend reversal.
Another crypto analyst Altcoin Sherpa indicatedthat if ETH decisively breaks through the $4,000 level, its next resistance level could be around the $4,800 to $5,000 price level. According to CoinGecko, ETH’s current all-time high (ATH) value is $4,878 recorded back in November 2021.
It is also worth highlighting that Ethereum exchange-traded funds (ETF) are finally startingto get attention from institutional investors. According to datafrom SoSoValue, US-based spot ETH ETFs attracted $428 million in daily total net inflows on December 5. Altseason On The Horizon?
Bitcoin dominance (BTC.D), a key metric often used to determine the onset of the altseason has been on a continual decline over the past three weeks. BTC.D has crashed from about 61% to 55%, indicating strong recent performance by altcoins against BTC. Source: BTC Dominance on TradingView.com
Altcoin’s resilience during yesterday’s BTC flash crash to $90,500 is another bullish sign hinting toward a potential altcoin rally in the coming days. In addition, altcoin analyst Crypto Amsterdam notedthat it may be time for mid-cap altcoins to start their parabolic cycle. Related Reading Ethereum Risk-Reward Ratio Is Now Attractive, Brokerage Firm Explains 4 days ago
With high anticipation for an Ethereum ‘ god candle’ that may catapult the digital asset to $5,000, the coming days are bound to be exciting for altcoin bulls. At press time, ETH trades at $4,000, up 2.5% in the past 24 hours. ETH trades at $4,000 on the daily chart | Source: ETHUSDT on TradingView.com Featured image from Unsplash, charts from X and Tradingview.com