Technical analysis shows that Ethereum is right exhibited a failed golden cross On 1-day candlestick time frame table. Golden Cross is generally regarded as a haussey momentum signal. This technical formation, where the 50-day sliding average climbs over 200-day sliding average, occurred most recently on Ethereum’s daily candle chart in December 2024 and resulted in an 18% strong force.
But this time the story is very different. Rather than to trigger another rallyEthereum’s price measure have been quite flat, Which makes it difficult to imagine a break over $ 3,000 very soon.
Lack of follow -up shows Ethereum’s weakness
According to technical analysis originally noted on the social media platform X, Ethereum recently showed a Golden Cross. According to the analyst, however, this was a failed Golden Cross, as Ethereum’s price barely moved when it happened on the daily time frame.
The analyst, who goes by the name Honey on the social media platform, noted that the lack of movement Shows deeper issues in current market conditions, especially when it comes to liquidity and emotion. Golden Cross should have injected life in Ethereum’s price action, but instead, It shows the absence of speed.
Ethereum’s price performance after crossover has made the pattern feel more like a fake signal than what Golden Crossover is most known as. The diagram below shows that while the moving averages crossed, the price measure around that moment was inevitable and even something baissertat. This is a huge difference from what happened in December 2024, when the same pattern was followed by a quick upward direction. Then Ethereum’s price increased by about 18% to touch $ 4,000 very short.
Return to $ 3,000 can take longer than expected
The bigger takeaway is not just the failed outbreak, but what it means about the coming quarter. According to the analyst, this entire crypto market may witness a sluggish and choppy Q3, especially if Bitcoin is below the $ 111,000 mark.
In this environment, it is difficult to imagine that Ethereum is making a pure drive to $ 3,000 milestone at any time soon. The lack of speed is not good for haussearted forecasts, although Ethereum has so far have kept the ground at support levels About $ 2,400.
At the time of writing, Ethereum is traded at $ 2,548, with 2.1% over the past 24 hours. Data from Coytecko shows that the leading altcoin reached An intraddag’s high of $ 2,630 over the past 24 hours, but it has failed to hold up this momentum. In order for Ethereum to break out of its current zone and move to $ 3,000, it would need a wave of liquidity and trust.
This latest volatility is tough for Ethereum’s Hausse -Tarted views, but Its long -term views is relatively strong. Interestingly, a certain analyst believes that Ethereum is Goes over $ 10,000 this bike.
Image from iStock, chart from tradingview.com
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