This time there is an additional confirmation that Ethereum is flashing important bull signals. Daily Chart Golden Cross holds the company and the market responds appropriately. After recovering from the $2,450-$2,475 range, it’s exactly where the 50- and 200-day moving averages have converged, with ETH now exceeding $2,540.
Most people think of Golden Cross, a pattern created when the 50-day moving average is a long-term bull signal above the 200-day moving average. The changing market sentiment and momentum is usually reflected in this setup, indicating that the buyer is in charge. Directly from this confluence zone, Ethereum has recently experienced an upward bounce, indicating strong confidence and demand from market participants.
When examining the price structure in more detail, we see that ETH is currently trading within the rising channel formation that has been steadily growing since the epic breakout in May. Ethereum was able to maintain a critical level of support despite some short pullbacks and fake outs. Recent high lows refer to a strong upward trend that requires rebounds to be voluntarily volved, allowing you to speed up faster.
Investor attitudes towards Ethereum are changing as market players better recognize the broader impact of Golden Cross. These configurations have been historically performed before multi-week gatherings, particularly when supported by robust on-chain activity and favorable macroeconomic circumstances.
Given the larger market consolidation, the current volume is not surprising, albeit moderate. That being said, the volume increase could serve as a driving force for ETH to retest and perhaps above the $2,800 resistance level. Investors should now pay particular attention to the support zone between $2,450 and $2,475 and the next resistance level at $2,800.
Maintaining a position above the Golden Cross Zone indicates the strength of the market and indicates the position of Ethereum for future growth. If momentum continues, Ethereum could be on the top of another leg, checking out a bullish crossover with strong technical support recently.