Crypto analysts have revealed that the Ethereum price is about to confirm a golden cross on the daily time frame. This provides a bullish outlook for Ethereum, as it enjoyed a parabolic rally the last time this happened. 

Ethereum Price To Confirm Golden Cross, What Next?

In an X post, crypto analyst Tony Severino mentioned that the Ethereum price is heading to a golden cross this week. This golden cross occurs when a short-term moving average (MA), like the 50-day MA, crosses a long-term MA, like the 200-day MA. This typically indicates that the crypto in question is set to enjoy a long-term upward trend. 

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Crypto analyst Charting Guy also confirmed this development for the Ethereum price and provided insights into what happened the last time Ethereum witnessed this golden cross. In an X post, the crypto analyst shared a chart that showed what happened combined with the fractal from that time. 

Coincidentally, the last time the Ethereum price confirmed this golden cross on the daily timeframe was between November and December last year. Following the Golden Cross, Ethereum rallied from around $1,800 last year to a local top of around $3,600 in March earlier this year. 

If history were to repeat itself, the Ethereum price could again witness such a sustained upward trend into the new year. Charting Guy’s accompanying chart showed that Ethereum could rally to as high as $8,000 sometime between March and May next year. Ethereum is already showing signs of an upward momentum, having rallied these last few days while Bitcoin consolidates. 

The Ethereum price has already reclaimed the local top of $3,600 from earlier in the year. Meanwhile, Blockchain Center data shows that it is already altcoin season. This is when Ethereum and other altcoins record significant gains while Bitcoin’s dominance cools off. For context, over 75% of the top 50 crypto have outperformed BTC in the last 90 days. 

Breakout And Then Moon

In an X post, crypto analyst Titan of Crypto suggested that an Ethereum price breakout was imminent. He stated that once ETH escapes the 3-year symmetrical triangle, it will rally to new heights. The analyst’s accompanying chart showed that Ethereum could surpass its current all-time high (ATH) at $4,800 and rally as high as $7,000. 

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Crypto analyst Venture Founder also made a similar $7,000 prediction for the Ethereum price. This came as he highlighted a giant cup and handle triangle that has been forming for Ethereum since 2021. The analyst added that ETH could explode once it confirms the breakout above the $3,800 range. 

At the time of writing, the Ethereum price is trading at around $3,670, up in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced another downturn in its price. Following an earlier attempt at bullish momentum last week, Ethereum has dropped by 2.4% in the past 24 hours, trading at $3,577 at the time of writing.

This decline puts Ethereum at a 26.8% decrease from its all-time high of $4,878, recorded in November 2021. Despite this, the network’s daily trading volume remains quite strong, registering $42.4 billion—a significant increase from late last month when volumes dipped below $35 billion.

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Chart Patterns Indicate Potential Rally

While Ethereum’s current price trajectory may appear discouraging, analysts within the cryptocurrency community have expressed optimism regarding its long-term potential.

Several technical indicators and chart patterns have emerged, leading some analysts to predict a significant rally for the asset in the coming months.

One notable voice among the bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. In a recent post on X, the analyst highlighted a “cup and handle” formation on Ethereum’s monthly price chart.

According to CryptoBullet, this pattern suggests that Ethereum could surge to new highs, potentially reaching $6,675. The analyst commented, “Did you guys see the $ETH monthly chart? Bullish AF. This month, we’re going to SMASH through the resistance. Cup&Handle Target – $6675.”

Adding to the optimism, Venture Founder, another prominent analyst, projected an even more ambitious target for Ethereum.

In a detailed analysis, the venture founder noted that Ethereum has been in a “triangular consolidation phase” for the past three years, a pattern reminiscent of its behavior from 2016 to 2017.

The analyst predicted that Ethereum could break out of this consolidation and enter a new price paradigm, estimating a target of $15,937 by May 2025. Venture Founder stated, “Base Case: Ethereum likely to repeat this impulsive breakout it did between 2016-2017 to shoot to new ATH.”

3 years of triangle consolidation for #Ethereum and $ETH could enter a new paradigm which it consolidated for the past 7 years.

Base Case: Ethereum likely to repeat this impulsive breakout it did after between 2016-2017 to shoot to new ATH.

Price Target: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv

— venturefounder (@venturefounder) December 2, 2024

Symmetrical Triangle Pattern Sparks Interest

Clifton Fx, another respected analyst, offered a similar outlook, focusing on Ethereum’s symmetrical triangle formation observed in the weekly timeframe.

According to Clifton Fx, an upside breakout from this formation could propel Ethereum’s price to as high as $13,000.

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This aligns with the broader sentiment shared by analysts, who believe that Ethereum’s technical indicators are setting the stage for a significant price rally.

$ETH (Update)

Symmetrical triangle formation in weekly timeframe….

In case of Upside breakout the next stop will be 13k📈#ETH #Ethereum #Crypto pic.twitter.com/DTNlCiNnZx

— Clifton Fx (@clifton_ideas) November 29, 2024

Featured image created with DALL-E, Chart from TradingView

The price of Ethereum has been on a remarkable run in the past week, returning above the $3,500 level for the first time since July 2024. This single-week performance represents a change in the fortunes of the “king of altcoins,” which somewhat slowed down after a great start to the month of November.

While the current price layout for Ethereum suggests that there is still room for upward movement, certain on-chain signals indicate that the market might be on the cusp of a pullback. One of these signals is the ETH open interest, which recently hit a new all-time high.

Is ETH Price At Risk With Surging Open Interest?

In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym ShayanBTC has revealed that while the Ethereum price trajectory looks bullish at the moment, investors need to tread with caution. This projection is based on the “alarming divergence” in the ETH futures market metrics.

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Specifically, the relevant futures market metric here is the open interest, which tracks the total amount of open futures or derivatives contracts of a particular cryptocurrency (ETH, in this case) in the market at a given time. It basically evaluates the amount of money being poured into Ethereum futures at every moment.

According to data from CryptoQuant, the Ethereum open interest has reached a new all-time high value of $17 billion. Typically, surging open interest signals a shift in investor sentiment, with traders increasingly speculating and gearing for a potential market movement.

ShayanBTC, however, noted that the notable spike in open interest was not accompanied by a new all-time high for the price of Ethereum. According to the Quicktake pundit, this divergence between the price and the open interest points to a potential increase in volatility and significant liquidation cascades.

ShayanBTC added:

If Ethereum’s price faces a sudden downturn or consolidation, the overleveraged positions from futures traders could trigger a wave of forced liquidations, leading to rapid price declines.

As of this writing, the price of Ethereum sits just beneath $3,700, reflecting an over 3% increase in the last 24 hours. According to data from CoinGecko, the altcoin’s value is up by nearly 8% in the past seven days.

Ethereum Whales Load Their Bags

Fortuitously, another on-chain data has emerged to counter the bearish prognosis for the second-largest cryptocurrency. In a November 30 post on the X platform, prominent crypto analyst Ali Martinez revealed that a particular class of Ethereum large investors has been active in the market. 

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Data from CryptoQuant shows that Ethereum whales holding between 100,000 and 1,000,000 coins have purchased over 280,000 ETH in the past four days. This level of buying activity from such an influential class of investor could be considered bullish for the altcoin.

Featured image created by DALL-E, chart from TradingView