- Ethereum golden cross pattern confirmed as ETH finally breaks through the EMA50.
- The EMA50 breakthrough on the weekly price chart signals a higher baseline for lows.
- The price of ETH is prepared to secure new ATHs soon.
The price of ETH is back up over the $2,500 price range, igniting bullish expectations for the pioneer altcoin to hit new ATHs once again. Amid this surge, analysts take a closer look at the ETH price chart and confirm multiple bullish indicators. The first is that an Ethereum golden cross pattern is confirmed and the price of ETH has finally broken through the EMA 50 on the weekly price chart.
Ethereum Golden Cross Pattern Confirmed
Since before the ongoing bull cycle began, several altcoins were already showing strong bullish signals on their individual price charts. However, the most exciting asset that all analysts and traders were hoping to see pump significantly first was the pioneer altcoin asset, Ethereum (ETH). This is because many analysts are certain that the price of ETH pumping is what would trigger a surge in prices for other altcoins as well.
So far in the ongoing crypto bull cycle, the price of ETH has seen a disappointing and slow start. Over the last two quarters, the price of ETH set a bottom at $1,700 and has since pumped to the $2,700 price range. Presently, the price of ETH is trading in the $2,600 price region, and analysts believe that the time has come for ETH price to pump towards its previous ATH target at $4,800. Some expect a god candle to the target soon.
As we can see from the post above, this reputed crypto analyst marks a golden cross formation on the Ethereum price chart. An Ethereum golden cross pattern completion confirms that the price of ETH could surge soon. In detail, the analyst concludes that ETH just triggered an Ichimoku Golden Cross on the weekly chart. Meanwhile, RSI is attempting a breakout from its downtrend. If confirmed, the next stop could be $3,100 in no time.
ETH Finally Break Through EMA50 on Weekly Chart
What makes this golden cross more bullish is the fact that ETH may have given reason that the price of ETH won’t fall below $2,500. This signal is explained in the chart shared in the post above, This analyst says that Ethereum has successfully made its weekly close above the $2,500 level and has already retested it as support this week. Continued stability here should see $2,500 act as a base from which ETH will be able to springboard to the upside.
The silver-tongued analyst in the post above confirms much the same. He says that after 9 weeks of constant rejection at the EMA50 on the weekly chart, the price of ETH has finally broken through. He marks this a very good sign and encourages traders to continue their patient wait, as higher targets will soon be hit for ETH in the coming weeks ahead. How far will ETH pump?
