Ethereum

Flow

bullish

Bitcoin

Dogecoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum’s bullish price action and golden cross may trigger a new altcoin season.</li>
 <li>Despite bullish price action, investors’ confidence in certain altcoins has dwindled.</li>
</ul>
<p>Ethereum’s bullish price movement has outpaced Bitcoin over the past week. Notably, Ethereum has also recorded a golden cross, which could potentially drive its price further.</p>
<h2 id="ethereum-s-golden-cross">Ethereum’s Golden Cross</h2>
<p>Ethereum’s price surged by over 8% this week, outperforming Bitcoin’s weekly gains of 3%. Over the last 24 hours, Ethereum saw a 3% climb. More importantly, a golden cross appeared on Ethereum’s chart after a year, with its 50-day SMA flipping its 200-day SMA. The last time this happened was in 2023, a period that saw a strong run for altcoins. This could suggest a new altcoin season is on the horizon.</p>
<p>Ethereum’s bull rally might continue, as indicated by the drop in its NVT ratio. This drop suggests that Ethereum is undervalued and could see a price increase in the coming days. The MACD technical indicator on Ethereum’s daily chart also signals a bullish market advantage. Furthermore, the Chaikin Money Flow (CMF) has registered an uptick, implying an increase in buying pressure and a potential uptrend.</p>
<h2 id="is-altcoin-season-here">Is Altcoin Season Here?</h2>
<p>When Ethereum’s 50-day SMA flipped its 200-day SMA in 2023, altcoins rallied. Checking the altcoin season index, it stands at 86 at the time of writing. A value above 75 indicates an ongoing altcoin season. Thus, it appears that an altcoin season has indeed arrived.</p>
<p>Other top altcoins have responded to this development with price increases over the last 24 hours. XRP, BNB, and Dogecoin have seen price hikes of 6%, 3.3%, and 4% respectively. However, despite these bullish price movements, investor confidence in these tokens has dropped, according to Santiment. This indicates a rising bearish sentiment in the market, which could potentially impact the new altcoin season.</p>

Ethereum’s Golden Cross Sparks Off Altcoin Season: A Possible First Sign!

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CoinEagle.com

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