Is Ethereum Price Ready to Skyrocket With Golden Cross?

Ethereum (ETH) price edges closer to generating a Golden Cross buy signal. After weeks of consolidation and uncertainity, is this a sign that ETH is ready to skyrocket? Let’s explore technical analysis, key levels to watch.

Ethereum Price Whiskers Away from Forming a Golden Cross 

The daily Ethereum price chart shows that the 50-day Simple Moving Average (SMA) is attempting to move above the 200-day SMA. A successful move would form the popular Golden Cross buy signal. This technical formation is viewed by veteran traders as a shift in trend favoring bulls. In the stock market, this signal often marks the start of an extended bull run.

With such an optimistic signal forming for Ethereum, will the price follow through?

Can ETH Price Skyrocket?

The daily chart indicates that the Relative Strength Index is attempting to break above the 50% mean level. A flip would signal that the bullish momentum is in control and could hint at the upcoming price rally. Moreover, the Awesome Oscillator (AO) has also begun producing green histogram bars below the mean level, indicating a decline in bearish momentum. Both of these signals are good indications that buyers are attempting to push ETH higher, outlining investor interest and breathing hope into the incoming Golden Crossover.

Spike in Investor Interest & Network Growth Signal ETH Likely to Explode

The second key reason investors can expect explosive price action for Ethereum is the 134% increase in new addresses joining the ETH blockchain since June 22, according to Santiment data. Additionally, the number of daily active addresses has surged from 412,000 to 687,000 over the past four days, further supporting the technical outlook and the upcoming Golden Crossover.

BlackRock Buys $100M ETH, Stirring Institutional & Retail Buying Spree

As noted in a previous CoinGape article, BlackRock’s $100 million buying spree, coupled with a fakeout, suggests that the Ethereum price is poised for a quick uptick. Fidelity also saw $60M in ETF inflows, further outlining institutional interest in ETH as Bitcoin hovers around $106K.

As long as the price is inside the recently formed range, extending from $2,312 to $2,738, the chances of revisiting the range’s upper limit are high.

• The first key resistance level is $2,738.
• Beyond this, $3,000 is a key psychological level

Supporting the uptrend is the four-hour RSI, which is stable above the 50 mean level, signaling a strong bullish momentum. The AO is also above the mean level, clearly articulating the buying pressure.

With a clear short-term bullish outlook and 2025 Ethereum price forecasts remaining optimistic, the chances of a Golden Crossover propelling ETH higher are high.