Ethereum

Rally

April

The post <a href="https://coinpedia.org/price-analysis/ethereum-gloden-cross-on-the-horizon-be-prepared-for-a-rally-above-2400/" rel="noopener noreferrer nofollow">Ethereum Gloden Cross on the Horizon: Be Prepared for a Rally Above $2400</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Ethereum is having a tough time clearing the April 2023 highs as it faces a rejection straight on the main resistance. Since then, the price has been maintaining a steep descending trend, squashing the buying pressure that tried to mount for a while. However, the trend has shifted in bearish favour at the moment, and hence the <a href="https://coinpedia.org/information/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> is believed to plunge harder and breach through the immediate support.
It is worth noting that the ETH price, along with some other altcoins, is believed to undergo a fresh upswing. The technicals are pointing towards a correction, but there is a huge possibility for the second-largest token to surge as the famous ‘Golden Cross’ is about to occur.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/oRHfQD_262DmU-SfANYn__H2zIYEb1BzCNOcgLjTafeYKQnZUS_PdgHMLGvB50jG9HeVZm2qyMkzcPCeT-A6vWvrBH9da-8VzpVMNPBwD19cazw9T9kqXHKPhOl_soFFv3J9YikOKGaWsmN1OWfNbnQ" alt="">
</figure>
As seen in the above chart, the ETH price appears to be due for a fresh upswing as the Golden Cross approaches. The 50-day MA &amp; 200-day MA could undergo a bullish cross, which may have a huge impact on the ETH price, but only for the short term. The price is believed to regain levels above $2100, beyond which the bulls are expected to get weaker. The drop in volume and the price chopping below $2000 substantiate the bearish claim.
Besides, the RSI is also bearish, which suggests the price remains under bearish influence. Hence, the Golden Cross could lift the price up, but from a longer perspective, the trend remains lenient towards the south. Some believe the Ethereum price may undergo a March-2020-like crash, while others assume it will drop below $1000 too. Meanwhile, in the short term, the ETH price appears to be self-assured to rise above $2000 and mark new highs for 2023.

Ethereum Gloden Cross on the Horizon: Be Prepared for a Rally Above $2400

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