Ethereum (ETH) today broke the $4,000 barrier for the first time since March 2024. The formation of a so-called golden cross on the chart is creating optimism among analysts, who believe that this could be the start of a long-awaited altseason.
What does the Golden Cross mean for Ethereum?
Ethereum’s recent price surge to $4,000 highlights the power of the largest smart contract blockchain. In addition to its performance against the US dollar, ETH is also showing gains against Bitcoin (BTC).
The ETH/BTC chart shows an increase from 0.032 on November 21 to 0.04 today. This growth is crucial for a possible altseason, where altcoins surpass BTC while Bitcoin moves sideways within a narrow price range.
Crypto analyst @venturefounder confirmed on X that Ethereum has completed its first golden cross of the year. This technical pattern, where the 50-day moving average crosses above the 200-day moving average, often signals a strong rally or trend reversal. According to the analyst:
Another analyst, Altcoin Sherpa, predicts that if ETH convincingly breaks the $4,000 barrier, the next resistance levels will be between $4,800 and $5,000. Ethereum’s current all-time high (ATH) is $4,878, achieved in November 2021.
Growing institutional interest
The recent rise in Ethereum is reinforced by growing interest from institutional investors. US spot ETH ETFs saw daily net inflows of $428 million on December 5, according to data from SoSoValue. This indicates increasing adoption and confidence in the cryptocurrency.
Altseason: a new rally for altcoins?
The dominance of Bitcoin (BTC.D), a commonly used indicator of the start of an altseason, has fallen from 61% to 55% over the past three weeks. This indicates strong performance of altcoins against Bitcoin.
Additionally, altcoins are showing resilience following the BTC flash crash to $90,500 earlier this week, fueling optimism for a possible altcoin rally. Analyst Crypto Amsterdam suggests it may be time for mid-cap altcoins to begin a parabolic rise.
With analysts speculating on a possible ‘god candle’ for Ethereum that could send the price towards $5,000, the coming days promise to be exciting for altcoin investors.
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Source: https://newsbit.nl/ethereum-boven-4-000-golden-cross-signaleert-mogelijk-begin-van-altseason/
