Ethereum is showing signs of a strong bullish trend in the market, confirmed by the golden cross as the 50-day moving average crosses above the 200-day.
What is a Golden Cross?
A golden cross is a technical indicator suggesting a bullish trend, formed when the 50-day moving average crosses above the 200-day average. This signal often predicts a shift in market dynamics where buyers start to dominate.
Current Market Structure of Ethereum
Currently, Ethereum is trading above the $2,540 level, recovering from the $2,450-$2,475 range where the 50-day and 200-day averages converge. The price structure indicates an upward trend with higher lows forming, signaling confidence among market participants.
Outlook and Price Levels
Investors should focus on the support zone at $2,450-$2,475 and the next resistance level at $2,800. Maintaining a position above the golden cross zone suggests potential further growth and possibly a new wave of price increases.
The golden cross and the current market structure suggest a bullish trend for Ethereum, and an increase in trading volume could further catalyze price increases.
