Ethereum Price Prediction Rises as Charts Show a 'Golden Cross.'
The leading cryptocurrency is showing early signs of a bullish reversal; a golden cross could change Ethereum's price estimates.
A 32% rebound from the early April low around $1,400 has placed ETH back in the discussion of 'the best crypto to buy.'
Still, economic uncertainty prevails. Progress has slowed as the trade conflict between the U.S. and China causes the first negative GDP growth since the first quarter of 2022.
Why This Golden Cross Is Important.
Interestingly, the golden cross on the 3-day chart is the first bullish change since the post-election surge.
When the MACD crosses above the signal line, particularly on higher time frames, it typically begins a strong trend reversal.
The recent activity of whales is intriguing. On-chain data shows large holders buying Ethereum for $1,600–$1,700.
Since whales impact market sentiment, this accumulation generally precedes price increases.
Despite the recent volatility, a bullish symmetrical triangle pattern formed in 2021 remains.
In the event that the monthly reversal holds, a drop below the lower support could be considered a false breakout.
If the momentum dies, Ethereum could revert to the support zone of $1,400 that supported its 4-month drop.
A breakout there would allow for a 40% drop to $1,050, invalidating the pattern.
However, strength is developing. The RSI has begun to rise after recovering from the oversold zone at 30, a sign of local bottoms as sellers tire.
The bullish momentum is now extending to higher time frames, with the weekly MACD approaching its golden cross.
Ethereum could reach $2,520—a 40% increase—if it breaks resistance around $1,960.
