One of the most powerful bullish technical compositions in trading, Golden Cross is currently being shown by Ethereum. ETH may be placing itself for a long-term meeting towards the $3,000 mark, as its 50-day EMA is nearly above the 200-day EMA. Golden Cross is a long-term momentum indicator that is frequently interpreted as a sign of volatility and momentum spikes in both traditional and cryptocurrency markets.
Ethereum still outpaces the rise in the support trendline, which has been acting as a base since late April, according to price lists. Prices fell twice over the 26-day EMA, but buyers quickly intervened to reject fake outs and signal strength. These failed failures mean that fundamental bullish momentum still exists. The days that follow are important. To keep the current bullish structure intact, ETH must retain support for around $2,450.
After bouncing the $2,475 support zone, prices are currently aiming for a range of $2,600-$2,650. If you drive from here to $2,850, and ultimately a golden cross is verified, and Ethereum clears above $2,650, then it's likely to be $3,000 in the end. The $2,300 region remains a key backstop. If the Bulls fall under it, the golden cross pattern will not be retained and the outlook will shift from neutral to negative.
Despite recent mild cooling, the volume remains almost constant. This can change very quickly as Golden Cross gains official status and attracts wider attention from traders and institutional players observing from bystanders. Ethereum finds itself at critical times.
The road to $3,000 is unobstructed by a verified golden cross and consistent strength above $2,600. However, if current support is not retained, the rally could be delayed and bullish outlook could be invalidated. See $2,475, $2,650, and $2,850. Details will be provided.
