CandleFocus Ethereum (ETH) Completes First 2024 Golden Cross: Details
2024-12-06
Author: Content Editor
Ethereum has completed its first golden cross of 2024, with its 50-day moving average rising above its 200-day moving average. This pattern is considered a bullish indicator, suggesting that the price of Ethereum could see significant upward momentum. In the past, golden crosses have often led to notable rallies for Ethereum. The last time Ethereum experienced a golden cross was in November 2023, which was followed by a rise from around $1,900 to a high of $4,093. Investors have high expectations for Ethereum, hoping it will break its previous record. Ethereum recently surged to nearly $4,000, benefiting from positive regulatory news and inflows into Ethereum ETFs. However, it's important to note that golden cross signals are not foolproof and can sometimes trap traders on the wrong side of the market. In the last 24 hours, Ethereum fell 1.74% due to a crypto market sell-off, with Bitcoin also experiencing a decline.
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