The price chart of #الإيثريوم shows a remarkable similarity to its market structure in 2021, leading some analysts to believe that history is about to repeat itself with a significant price increase later this year. Analyst Gordon was one of the first to highlight this recurring pattern, pointing to the setup that preceded a massive bullish wave three years ago.
The price will see $ETH
Sharp rise.
Buy below $3,000.
Is Ethereum repeating its price pattern from 2021?
The analysis focuses on a specific sequence: 'negative retracement' followed by 'final retest' of a key support level. In 2021, Ethereum went through this exact pattern when it retested the support level near $250.
After maintaining this level, Ethereum began a massive rise that pushed it above $4,000 by the end of the year. Current analysis by Gordon on the chart indicates a similar dynamic now, as Ethereum retests a key support area around the $2,000 level.
Related topics: Is the drop #ETH below $2,400 a 'deal'? An analyst expects a rise towards the all-time high.
The analyst highlights moving average crossovers.
More insights come from cryptocurrency analyst Cip,,her X, who refers to the daily Ethereum chart showing the key moving averages. Cip,her X indicates that the 50-day exponential moving average (EMA) is approaching a crossover with the 200-day EMA, a technical event closely monitored for trend signals.
A golden crossover for the price of $ETH may occur soon.
Does this mean that the price of ETH will drop similarly to the price of BTC?
Unlike $BTC
The price of ETH starts rising immediately after the golden crossover.
In the fourth quarter of 2024, the price of ETH rose by 35% in just 4 weeks.
A similar event occurred in the first quarter of 2024 as well, raising the price of ETH to over $4,000.
While the crossover of the 50-day exponential moving average with the 200-day exponential moving average often indicates bearish momentum, Cip,,her X noted that Ethereum's recent price action differs from the usual patterns of Bitcoin. For example, after the golden crossover in 2024, Ethereum achieved gains of nearly 35% over four weeks, including a rise above $4,000 in early 2024.
Market data indicates renewed activity.
Current market data supports cautiously optimistic forecasts. At the time of publication, the price of Ethereum was trading at $2,491.92, up 2.46% for the day. The market capitalization rose by 2.49% to reach $300.82 billion, while the 24-hour trading volume increased by 17.24% to reach $19.78 billion.
Additionally, technical momentum indicators show that the Relative Strength Index (RSI) currently stands at 50.54, above the neutral midpoint of 50, indicating a balance between buying and selling pressure. The recent rebound of the RSI from oversold levels near 30 suggests renewed demand in the market.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains negative but shows a decrease in bearish momentum. Cip,,her X indicates that the narrowing of the red bars in the MACD chart may indicate an imminent bullish crossover, which traders typically interpret as a signal for upward price movement. #BinanceAlphaAlert #BinanceTGEXNY #BinanceHODLerSAHARA