Altcoin season alert – Ethereum’s golden cross might be the first sign!
Ethereum’s technical indicators pointed to a sustained price hike on the charts
ASI revealed that a new altcoin season may have arrived
Ethereum [ETH] has outperformed Bitcoin [BTC] over the past week with its bullish price action.
There is more to the story though as the king of altcoins recorded a golden cross too. This may have the potential to push ETH further up the price charts.
There’s another question to be raised here though – Will this golden cross pull the final trigger for an altcoin season?
Ethereum’s latest golden crossEthereum’s market bulls pushed the altcoin’s price up by over 8% this week, significantly higher than BTC’s weekly gains of 3%. This was the case over the last 24 hours too, with ETH climbing by over 3%.
The better news, however, was that a golden cross appeared on ETH’s chart after a year. To be precise, ETH’s 50-day SMA flipped its 200-day SMA. Such an episode was last seen back in 2023.
That was also a period during which the market’s altcoins started to run strongly. Therefore, the chances of a new altcoin season arriving shortly this time might be considered high.
In fact, Ethereum’s bull rally might continue even further, as evidenced by the fall in the token’s NVT ratio. A drop in this metric means that an asset is undervalued, hinting at a price uptick in the coming days.
To double-check, AMBCrypto assessed the token’s daily chart too. The technical indicator MACD flashed a bullish advantage in the market.
Additionally, the Chaikin Money Flow (CMF) also registered an uptick. This meant that buying pressure has been increasing lately and that the asset may be entering an uptrend.
Has an altcoin season arrived?As mentioned previously, when ETH’s 50-day SMA flipped its 200-day SMA in 2023, the market’s altcoins rallied.
Therefore, we checked the altcoin season index to find out whether that can be the case on this occasion.
