A Golden Opportunity For Ethereum? 600% Buy Signal Returns

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	356,173,775,075	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

356,173,775,075

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	61.80	2.13%	2,957.41	2,957.17	2,957.41

Price Change

Price Change %

Current Price

Bid Price

Offer

61.80

2.13%

2,957.41

2,957.17

2,957.41

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2,986.13	2,888.99	2,902.93	2,895.61	1,873.55 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2,986.13

2,888.99

2,902.93

2,895.61

1,873.55 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:35:46	0.016030	2,957.41	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:35:46

0.016030

2,957.41

USD

Price x Volume	Volume	Base Symbol	Related Pairs
602,824,386.39	205,608.64	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

602,824,386.39

205,608.64

A Golden Opportunity For Ethereum? 600% Buy Signal Returns

29/11/2023 6:00pm

NEWSBTC

Ethereum has formed a “golden cross” pattern on the 1-week timeframe, marking the second such signal this year. While the long-term implications could be very positive if history repeats itself, there are reasons to temper expectations. A weekly golden cross has formed | ETHUSD on TradingView.com Ethereum Golden Cross And A Possible Target For New ATHs 1W ETHUSD has formed a golden cross for the second time in 2023. A golden cross is a buy signal in moving average-based trading systems. It suggests that the trend is moving in an upward direction and because trends tend to persist, this is notable. The golden signal occurs when a shorter-term moving average (the 50-week MA) crosses through a longer-term moving average (the 200-week MA) from below. A death cross forms when the opposite happens. Related Reading: This Pattern Points To $10,000+ Ethereum Price, But When? The last confirmed golden cross for Ethereum in December 2020 preceded a massive 600% rally over the next year to the asset’s all-time high near $4,900. A repeat move of similar magnitude this time would put Ethereum above $12,000—over six times today’s price of around $2,000. However, it is important to note that not all golden crosses lead to the anticipated upside. In 2023 alone, 1W ETHUSD has death crossed and golden crossed twice now, demonstrating how moving average-based systems are prone to whipsaw without an established trend to follow. Above 20 on the ADX confirms the trend | ETHUSD on TradingView.com An Uptrend Or More Whipsaw? How The ADX Confirms Trends The whipsawing death cross and golden cross price action on the Ethereum 1-week chart failed to generate follow-through in either direction. So how can we be sure that this isn’t yet another premature crossover? This is where the Average Directional Index (ADX) comes in when gauging the validity of moving average crosses. The ADX aims to measure trend strength, typically on a scale of 0 to 100. Related Reading: Ethereum Price Prediction for 2023, 2024, 2025, 2030 and Beyond As the 1-week ADX edges up from below 20, it confirms growing momentum that reduces the odds of more whipsawing price action. Traders often use such ADX readings to confirm golden/death crosses and enter only the most high-conviction signals. The 1W ETHUSD Average Directional Index isn’t yet above 20, but is approaching this key level. Above it, it gives the golden cross much more validity. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

ETHUSD Ethereum