The daily timeframe chart shows that the Ethereum price has remained relatively stable since May, when it reached a multi-month high of $2,873. This was a significant level, as the coin had been trading at $1,390 just a few weeks earlier.
The ongoing consolidation is part of Ethereum’s recovery. This is part of the bullish flag pattern that has been forming over the past few months. A bullish flag consists of two key parts: a flagpole and a consolidation.
Ethereum price is also about to form the highly bullish pattern known as a golden cross. This pattern forms when the 50-day and 200-day moving averages intersect, typically indicating that bulls have prevailed.
The spread between the two averages has continued narrowing, meaning that the cross could happen any time now. As such, the combination of a bullish flag and a golden cross is a sign that the coin is gearing towards a major bull run.
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