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Ethereum's Golden Cross: A Sign of Altcoin Season?
Ethereum's (ETH) 50-day SMA has flipped its 200-day SMA, forming a golden cross. This event has historically signaled the start of an altcoin season. ETH's price has already surged by over 8% this week, outperforming Bitcoin.
Key Statistics:
- Golden cross: 50-day SMA flipped 200-day SMA
- ETH's weekly gains: 8% (outperforming BTC's 3% gains)
- Altcoin season index: 86 (indicating an ongoing altcoin season)
Market Analysis:
ETH's technical indicators, such as the MACD and Chaikin Money Flow (CMF), suggest a continued bull rally. The fall in ETH's NVT ratio also indicates that the asset is undervalued, hinting at a price uptick.
Altcoin Season:
The altcoin season index has a value of 86, indicating an ongoing altcoin season. Other top altcoins, such as XRP, BNB, and Dogecoin, have also seen price hikes in the last 24 hours. However, investors' confidence in these tokens has dwindled, as seen in their weighted sentiments. 1 reply
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