The cryptocurrency market shines after the Middle East ceasefire order
The cryptocurrency market surged strongly right after the surprising ceasefire news in the Middle East. This event creates positive momentum along with major fluctuations in the global financial markets, bringing an excited atmosphere for the altcoin stream. The recent price drop is likely marking a bottom, while the current strong recovery further reinforces this view. Technical indicators are also opening up the prospect that altcoins will soon outperform Bitcoin in the short term.
Explosive signals from Ethereum and the altcoin landscape
Ethereum and the altcoin market show signs of preparing to enter a significant growth cycle. After a deep drop that was considered a 'strong shake' for investors, the price chart is drawing a very positive trend. Notably, similar to crude oil, which predicted a ceasefire before official news, the cryptocurrency chart also tends to predict major movements early.
Ethereum and the promising Golden Cross signal
According to analysis on Crypto Banter’s Ran Show, Ethereum is set to form a Golden Cross pattern, meaning the 50-day moving average crosses above the 200-day moving average. This technical pattern has previously led to huge price increases for ETH, with increases of 107%, 25%, and even a record 2,500% in the past.
Interestingly, the altcoin market in general (except for Bitcoin) also has only a few days left to see its own Golden Cross. History shows that when this pattern appears, it is likely to trigger strong price surges across the market. In the context of slightly declining interest rates, improving investor sentiment, and favorable technical signals, Ethereum and altcoins stand before a significant opportunity to make considerable progress in the coming weeks.
Ethereum's short-term price target
Ethereum has recorded a brief recovery in the past 12 hours; however, it is still not enough to confirm a sustainable recovery trend. The important support area is around $2,380; if this level holds, the prospect of a significant breakout will be more open.
If Ethereum can continue to rise, breaking the $2,477 level, the bullish strength will be further solidified. This will be a clear signal confirming Ethereum's upward trend and could boost altcoin capital inflow strongly, creating extraordinary growth in the near future.
Source: https://tintucbitcoin.com/ethereum-sap-tang-107-nho-golden-cross/
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