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๐ท Ethereum Forms Rare Golden Cross in Bitcoin Chart; Reversal Imminent?
Ethereum's (#ETH ) price has lagged behind Bitcoin over the last two years. However, over the past two days, ETH has outperformed BTC and other major coins.
Ethereumโs recent price action against Bitcoin supports this bullish narrative. According to recent chart data, rare golden crosses have appeared on the ETH/BTC pair's one-hour and four-hour charts, with short-term momentum building in Ethereumโs favor.
A golden cross occurs when a shorter-term moving average, usually the 50-period, crosses above a longer-term moving average, like the 200-period. It is often regarded as a bullish signal that precedes sustained upward momentum.
On the daily ETH/BTC chart, ETH has broken above the 50-day SMA at 0.02 in a two-day climb, a key resistance level that had previously capped upside attempts. This breakout could signal the start of a trend reversal, especially if ETH can maintain strength above this level. If the rise continues, the next target could be the 200-day SMA, often seen as a gatekeeper for long-term trend changes.
๐ธ ETH just had its best day since 2021
In a Friday tweet, Arkham wrote, "Ethereum just had its best day since 2021." Ethereum surged nearly 30% to a high of $2,489 on Friday, following the Pectra upgrade, which core developers described as the "most ambitious upgrade" the network has ever completed.
On Wednesday, #Ethereum successfully implemented its Pectra upgrade. This was the network's third major upgrade since The Merge in 2022, when it switched from the proof-of-work consensus process to proof of stake.
On Thursday, the second-largest cryptocurrency by market capitalization burst through the $2,000 barrier in a significant surge, eventually topping $2,400 early Friday, reaching its highest level in almost three months. Between Thursday and Friday, ETH climbed by more than 37%, while Bitcoin rose only 7.7%.
The second-largest cryptocurrency is trading at $2,419, up 3.47% in the last 24 hours, beating Bitcoin's daily gains of 0.08%.
{spot}(ETHUSDT)