- 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 cross
Ethereum’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.
Source: X
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.
Source: TradingView
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.
As per our analysis, the altcoin season index had a value of 86, at the time of writing. A value above 75 indicates an ongoing altcoin season. In light of the same, it’s safe to say that an altcoin season has finally arrived.
Source: Blockchaincenter
Here, it is interesting to note that other top altcoins have corresponded to this development by pushing their prices up over the last 24 hours.
For example – XRP registered a 6% price hike in 24 hours. The likes of BNB and Dogecoin [DOGE] were also not left behind, as their values pumped by 3.3% and 4%, respectively.
However, it was surprising to note that despite their bullish price actions, investors’ confidence in these three tokens dwindled.
Read Ethereum’s [ETH] Price Prediction 2024–2025
According to Santiment, all of these coins’ weighted sentiments dropped —A clear indication of rising bearish sentiment in the market, which could cause trouble for the new altcoin season.
Source: Santiment