Ethereum Confirms Golden Cross Pattern, Price Poised for 84% Gain

Ethereum has confirmed a golden cross pattern, marking a significant bullish signal for the cryptocurrency. This pattern is formed when the 50-period Exponential Moving Average (EMA50) crosses above the 200-period Exponential Moving Average (EMA200), indicating a shift in market sentiment towards a more positive outlook. The confirmation of this pattern comes as Ethereum's price has finally broken through the EMA50 on the weekly chart, a resistance level that had previously hindered its upward momentum.

The breakthrough of the EMA50 on the weekly chart is a strong indicator that Ethereum's price is prepared to secure new all-time highs (ATHs) soon. This is because the EMA50 breakthrough signals a higher baseline for lows, meaning that the price of Ethereum is less likely to fall below this level in the future. This provides a solid foundation for further price increases and reduces the risk of a significant price correction.

Analysts have been closely monitoring Ethereum's price movements, and the confirmation of the golden cross pattern has ignited bullish expectations for the pioneer altcoin. The price of Ethereum is currently trading in the $2,600 price region, and analysts believe that the time has come for Ethereum's price to pump towards its previous ATH target at $4,800. Some analysts even expect a god candle to the target soon, indicating a rapid and significant price increase.

The bullish outlook for Ethereum is further supported by the formation of an upward channel on the chart. After breaking through local trend resistance, Ethereum is now poised for further gains. The overall trend remains bullish, with the cryptocurrency facing short-term pressure levels that, if broken, could lead to significant upside potential. The technical indicators and price movements suggest that Ethereum is on the verge of a significant bull run, with the potential for further gains in the near future.

In addition to the golden cross pattern, other bullish indicators have also been observed on Ethereum's price chart. For example, the Relative Strength Index (RSI) is attempting a breakout from its downtrend, which could further support the bullish momentum. If confirmed, the next stop for Ethereum's price could be $3,100 in no time, according to one analyst.

Overall, the confirmation of the golden cross pattern and the breakthrough of the EMA50 on the weekly chart are strong bullish signals for Ethereum. These technical indicators suggest that the cryptocurrency is poised for further gains and could be on the verge of a significant bull run. Traders and investors should keep a close eye on Ethereum's price movements in the coming weeks, as the cryptocurrency continues to show strong bullish momentum.