- Ethereum has confirmed a bullish golden cross as its price bounced from the $2,450–$2,475 range and now trades above $2,540.
- With a rising channel formation and consistent higher lows, ETH signals a strong uptrend that could accelerate if volume increases.
Ethereum has flashed a strong technical signal that has traders and analysts talking. The golden cross, a well-known bullish indicator, has been confirmed once again—boosting confidence in the second-largest cryptocurrency by market cap. This time, Ethereum’s price movement is offering even stronger validation of this trend.
Ethereum Trades Above Key Support
The golden cross pattern appears when the 50-day moving average crosses above the 200-day moving average, typically signaling a long-term uptrend. In Ethereum’s case, this crossover took place around the $2,450–$2,475 range. Since then, ETH has bounced back impressively and is now trading above $2,540.
This upward bounce from the confluence of the two moving averages indicates strong market support. It shows that traders recognize this technical zone as a key foundation for bullish setups. With ETH respecting this support level, it adds legitimacy to the trend reversal that began in May.
Rising Channel Formation Indicates Ongoing Strength
Zooming in on Ethereum’s price structure reveals that the cryptocurrency is trading within a rising channel—a pattern that often suggests a healthy and sustainable uptrend. Despite experiencing a few fakeouts and short-term pullbacks, ETH continues to form higher lows, reinforcing bullish sentiment in the market.
Should buying volume increase, Ethereum’s price could see an accelerated move higher. The strong price structure and clear support levels give bulls a technical advantage in the near term.
What to Watch Going Forward
With Ethereum showing resilience around key technical levels and holding inside a rising channel, all eyes are now on volume and broader market sentiment. If volume picks up and Ethereum can break past minor resistance zones within the channel, the current bullish narrative could evolve into a more powerful rally.
ALSO READ:Pi Network Launches KYC Sync Feature Ahead of Pi2Day as Technical Issues Persist