After a surprising ceasefire in the Middle East, the crypto market has turned green. In addition to the ceasefire, several other major changes have occurred in the global market, creating a bullish mood for cryptocurrencies, especially Altcoins. The recent price drop may have been the bottom of Altcoins, and the sharp recovery since then supports this view. The indicators also suggest that Altcoins could quickly outperform Bitcoin.
The Ethereum and Altcoin markets show some big brewing signs. After a recent sharp drop in prices that felt like the final shakeout for many traders, the market charts are beginning to look very bullish. Interestingly, just like the way oil prices suggested a ceasefire before they were officially announced, crypto charts also have the habit of predicting major movements before they occur.
Ethereum and Golden Cross
At Crypto Banter’s RAN show, analysts said Ethereum was about to form a golden cross. This is a technical signal with a 50-day moving average above the 200-day moving average. In the past, this pattern has led to a massive price rise for ETH, including 107%, 25% and even 2,500% gatherings.
What’s even more exciting is that the entire Altcoin market, except Bitcoin, is a few days away from forming its own golden cross. Historically, these moments have sparked strong rallying in the market. With interest rates falling, market sentiment shifts and technological signals lined up, Ethereum and Altcoin appear to be preparing for a strong move in the coming weeks.
Ethereum Short-Term Price Target:
Ethereum has seen short rallies in the last 12 hours, but it’s too early to see a strong recovery. The key support is around $2,380, and this level should be kept to keep hope alive for a bigger breakout. If Ethereum can push a little higher it would be around $2,477, but if bullish it will be strengthened.
