Technical analysis shows that Ethereum is fair Showed a failed golden cross One-day Candlestick Timeframe chart. Golden Cross is widely considered a bullish momentum signal. The technology formation, with a 50-day moving average rising above the 200-day moving average, last occurred on Ethereum’s daily candlestick chart in December 2024, resulting in a 18% spike.
But this time, the story is very different. More than that Rather than triggering another rallyEthereum price action It was pretty flat, This makes it difficult to imagine a break that is over $3,000 in no time.
The lack of follow-through indicates Ethereum’s weakness
According to technical analysis initially pointed out on social media platform X, Ethereum recently exhibited Golden Cross. However, this was a failed golden cross, as Ethereum prices mostly moved when they happened in the daily time frame.
Analysts on social media platforms under the name Honey, Notice the lack of movement It shows deeper issues in the current market situation, particularly in terms of fluidity and emotionality. Golden Cross had to inject life into Ethereum’s price action, but instead It shows that there is no momentum.
Ethereum’s price performance after the crossover made the pattern feel more like a false signal than the ones that golden crossovers are mostly known. The chart below shows that while the moving averages intersect, the price action at that moment was calm and even slightly bearish. This is a big difference from what happened in December 2024, followed by a quick upside push after the same pattern. At the time, Ethereum prices skyrocketed about 18%, touching $4,000 for a very short time.
Returning to $3,000 may take longer than expected
The bigger point is that it means not just for failed breakouts, but for the upcoming quarter. According to analysts, this whole crypto market may witness a particularly slow, choppy Q3. Bitcoin is below $111,000.
In this environment it is difficult to imagine Ethereum going cleanly to the $3,000 milestone anytime soon. The lack of momentum is not a precursor to bullish predictions, despite Ethereum’s previous possession He held that position at the support level About $2,400.
At the time of writing, Ethereum has fallen 2.1% over the past 24 hours, trading at $2,548. Coingecko’s data shows that Major altcoins have reached It was a daytime high of $2,630 in the last 24 hours, but it was unable to maintain that momentum. It will take a wave of liquidity and confidence to get Ethereum out of its current zone and move to $3,000.
This recent volatility is challenging for Ethereum’s bullish outlook; That long-term outlook It’s relatively strong. Interestingly, certain analysts believe Ethereum is This cycle is over $10,000.
ISTOCK featured images, charts on tradingView.com
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.