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Ethereum (ETH), the second-largest cryptocurrency by market cap, is up 9.9% over the past week. Recent analyses suggest the digital asset may continue its bullish momentum in the near-term.
Ethereum Flashes Golden Cross
According to a recent X post by crypto analyst Titan of Crypto, Ethereum has formed a golden cross on the daily chart. A golden cross typically precedes significant price rallies, and the continuation of this bullish price action could push ETH beyond $2,000 soon.
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For the uninitiated, a golden cross is a technical indicator that flashes when the 50-day moving average (MA) crosses the 200-day moving average (MA). The indicator often suggests a shift from a downtrend to an uptrend in the underlying asset’s price.
The following chart shows the golden cross, with the upward-sloping red line (50-day MA) overtaking the downward-sloping blue line (200-day MA). If this trend holds, it could set the stage for further gains, with the $2,000 mark acting as the next psychological resistance level.
Other analysts also support Titan of Crypto’s bullish outlook for ETH. For example, fellow analyst JJcycles shared a weekly chart illustrating striking similarities between ETH’s current structure and that of Bitcoin (BTC) during past cycles.
JJcycles noted that ETH may currently be trading near the bottom of the range – close to the support trendline – similar to BTC’s price action around $5,000 following the March 2020 COVID-19 crash.
Potential ETH Targets?
In another X post, crypto trading account Bitcoinsensus pointed out that Ethereum is forming a large bull flag pattern on the monthly chart. The account noted that ETH is currently near the lower boundary of the flag, with a potential breakout target of up to $8,000.
Likewise, seasoned analyst TraderPA suggested ETH is in a reaccumulation phase and could be poised for a strong rally. According to TraderPA, ETH may surge to $6,000 before the year ends.
On-chain metrics also support the case for a bullish reversal. Crypto analyst Ali Martinez recently noted that Ethereum’s Entity-Adjusted Dormancy Flow has dropped below one million – a level that often indicates the asset is undervalued.
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Despite the positive indicators, concerns about further downside remain. Ethereum’s weak performance in recent months, coupled with repeated breakdowns through key support levels, raises the risk of a drop to $1,200.
Nonetheless, ETH is projected to see significant price appreciation in Q2 2025, with some analysts forecasting a new all-time high by year’s end. At press time, ETH trades at $1,755, down 3.3% in the last 24 hours.
Featured image from Unsplash, charts from X and Tradingview.com
