There is a potential for a Golden Cross formation on Ethereum's chart, which could signal further price increases for the cryptocurrency. Meanwhile, altcoins also show potential for growth.
What is a Golden Cross?
Prominent trader Crypto Rover has highlighted a potential Golden Cross formation on Ethereum’s daily chart. This bullish signal occurs when the 50-day simple moving average (SMA) crosses above the 200-day SMA. Currently, this process is underway, often seen as a precursor to strong price momentum.
Altcoins on the Brink of a Bull Market
Renowned analyst Michaël van de Poppe emphasized that altcoins could be on the brink of a historic bull market. He cited three key indicators suggesting the market's preparedness for a large-scale breakout, although full details were reserved for his latest video analysis.
Current Market Situation
As of now, Ethereum is trading near key resistance levels, and altcoins remain relatively stable. However, both analysts warn that breakout potential is increasing, and the next move could define the direction for the rest of the summer trading season.
Current developments in the crypto market, including the potential formation of a Golden Cross on Ethereum's chart and the progress of altcoins, are generating renewed interest among investors. Analysts continue to advise traders to stay alert, as the market may soon take significant steps forward.
