Ethereum (ETH) is displaying positive technical signals. For the first time since January 2023, ETH has reported a bullish MACD crossover.
Bullish MACD Crossover
ETH has recorded a bullish MACD crossover on the two-week chart, a key momentum indicator that often signals trend reversals or major continuations. This crossover occurring below the zero line is rare and historically precedes significant price movements.
Breaking the Trendline
ETH is currently testing a critical trendline that has acted as resistance since the cycle bottom in 2022. A confirmed breakout above this line could indicate a market structure shift and renew interest not only in ETH but also in the broader altcoin market.
Impact on Altcoins
The altcoin market typically follows Ethereum's lead. If ETH breaks above the trendline and confirms the MACD signal, it could trigger a strong altcoin rally. Many traders are watching this area closely, positioning themselves for a broader movement in the crypto market.
The current technical setup for Ethereum offers one of the most compelling bullish cases in recent months. However, caution is always advised in a changing market.
