Ethereum Price Prediction: Golden Cross Signals Bullish Reversal
Ethereum's price action has sparked optimism among investors, with a potential "golden cross" breakout on the horizon. This technical indicator could signal a significant trend reversal.
What is a Golden Cross?
A golden cross occurs when the MACD (Moving Average Convergence Divergence) crosses over the signal line, particularly on higher time frames. This crossover can indicate the beginning of a strong trend reversal.
Recent Price Action:
Ethereum's price has rebounded 32% from its early April low of around $1,400, sparking renewed interest in the cryptocurrency. Despite economic uncertainty, including the US-China trade conflict, Ethereum's price structure remains bullish.
Whale Activity and Market Sentiment:
On-chain data reveals that large shareholders have been accumulating Ethereum between $1,600 and $1,700. This accumulation could precede a price increase, as whale activity often influences market sentiment.
Technical Analysis:
- Bullish Symmetrical Triangle: A bullish symmetrical triangle pattern formed in 2021 remains intact, with the potential for a breakout above resistance around $1,960.
- RSI: The Relative Strength Index (RSI) has started rising after recovering from the oversold area at 30, indicating local bottoms and a potential trend reversal.
- Weekly MACD: The weekly MACD is approaching a golden cross, further supporting the bullish outlook.
Price Targets:
If Ethereum breaks resistance around $1,960 and returns to the triangle formation, it could surge to $2,520, representing a 40% increase. However, if momentum falters, Ethereum might revisit the $1,400 support zone, and a breakdown below this level could lead to a 40% drop to $1,050.
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