The crypto market turned green after a surprise ceasefire in the Middle East. Along with the ceasefire, a few other big changes took place in global markets, creating a bullish mood for cryptocurrencies, especially altcoins. The recent price drop could have been a bottom for altcoins, and the sharp recovery since then supports this view. Indicators also hint that altcoins could soon outperform Bitcoin.
Ethereum and the altcoin market are showing signs of something big brewing. After the recent sharp drop in prices, which felt like a final shakeout for many traders, market charts are starting to look very bullish. Interestingly, just like how oil prices hinted at a ceasefire before it was officially announced, crypto charts too have a habit of predicting major moves before they happen.
On Crypto Banter’s Ran Show, the analyst said that Ethereum is about to form a golden cross, a technical signal where the 50-day moving average crosses above the 200-day moving average. In the past, this pattern has led to huge price jumps for ETH, including rallies of 107%, 25%, and even an incredible 2,500%.
What makes it even more exciting is that the entire altcoin market, excluding Bitcoin, is also just days away from forming its own golden cross. Historically, these moments have triggered powerful rallies in the market. With interest rates falling, market sentiment shifting, and technical signals lining up, it looks like Ethereum and altcoins might be getting ready for a strong move upward in the weeks ahead.
Ethereum has seen a short rally in the past 12 hours, but it’s too early to confirm a strong recovery. Important support lies around $2,380, this level must hold to keep hopes alive for a bigger breakout. If Ethereum can push a little higher to around $2,477, it would strengthen the bullish case.
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