logo

Ethereum Breaks Wedge and Forms Golden Cross: Traders Eye $3,500 With RSI Support

By: cryptofrontnews|2025/05/03 16:30:01
0
Share
copy
Ethereum confirms a Golden Cross near $1,700, reinforcing early bullish structure.Breakout from a 5-month wedge pattern signals a macro reversal for Ethereum.RSI momentum aligns with price breakout, targeting resistance zones up to $3,500.Ethereum has recently demonstrated notable technical resilience, marked by two distinct bullish breakout patterns observed on its chart. These developments indicate a strengthening shift in momentum as buyers actively regain control and reclaim key support and resistance zones critical to price continuation.Golden Cross Initiates Uptrend Under Heavy ResistanceEthereum’s 1-day chart via Binance reveals a technical shift as the asset forms a Golden Cross. This crossover event emerges when a short-term average moves above a longer-term one. The signal developed around $1,650–$1,700, which now defines the local support base. Market analyst Merlijn The Trader delivered a technical readout focused on structure, resistance, and trend behavior following this development.Source: Merlijn The TraderAfter observing momentum accelerate through mid-April, he turned attention toward price interaction with the Ichimoku cloud. The grey zone extending from $1,900 to $2,600 now defines a significant resistance cluster. The cloud's density marks this as a critical region where bulls must prove control.Responding to the recent rejection of $1,800, he outlined how short-term volatility shaped candle structure. Ethereum posted a 3.04% drop on the day, with a lower close near $1,740, suggesting market hesitation. Despite the pullback, he identified firm bid support near the crossover point.Looking at slope consistency in the moving averages, he interpreted the ongoing alignment as early trend reinforcement. The yellow and white lines both track upward, reinforcing a shift toward positive bias. This formation occurs beneath key resistance but maintains a strong technical foundation.Wedge Breakout Resets Ethereum's Macro PictureBringing fresh insight into this larger pattern, Merlijn The Trader delivered another detailed perspective focused on wedge resolution and trend reversal. Tracking price from the upper wedge resistance near $1,700, he assessed the breakout confirmation via candle strength. The breakout candle closed outside the structure with follow-through, signaling a reversal of the prior downtrend. Price now pushes away from the wedge base, showing conviction.As RSI reclaimed key ground, he interpreted the momentum shift as aligning with price acceleration. The RSI breakout intersected prior resistance at a downward-sloping trendline and has since moved into the mid-40s. This move confirms the price breakout's legitimacy from a momentum standpoint.Monitoring the breakout zone between $1,500 and $3,500, he defined the next critical reaction range. He charted a projection path toward $3,500 with steps near $2,250, consistent with Ethereum’s historical rally behavior. The broader structure now tilts bullish following this technical reset. With both patterns active, Ethereum trades at a technical inflection point, reclaiming bullish territory after months of compression.The post Ethereum Breaks Wedge and Forms Golden Cross: Traders Eye $3,500 With RSI Support appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.

You may also like

Abraxas Capital Mints $2.89 Billion USDT: Liquidity Boost or Just More Stablecoin Arbitrage?

Abraxas Capital just received $2.89 billion in freshly minted USDT from Tether. Is this a bullish liquidity injection for crypto markets, or is it business as usual for a stablecoin arbitrage giant? We analyze the data and the likely impact on Bitcoin, altcoins, and DeFi.

A VC from the Crypto world said AI is too crazy, and they are very conservative

Amid the Crypto frenzy and with investors who once missed out on Pinduoduo, a new AI fund called Impa Ventures was established, rejecting bubble narratives and adhering to a conservative "problem-first" strategy to seek real business value.

The Evolutionary History of Contract Algorithms: A Decade of Perpetual Contracts, the Curtain Has Yet to Fall

The ten-year evolution of perpetual contracts: from pulling the plug on 312 to the shocking short squeeze of TRB, a deep dive into the pricing machine that averages $200 billion daily, written with countless liquidations and real money, detailing the blood and tears of risk control theory.

Kicked out by PayPal, Musk aims to make a comeback in the cryptocurrency market

Cashtags generated a trading volume of 1 billion dollars just a few days after its launch, marking a strong start for Musk's super app strategy. For the cryptocurrency market, X's layout may be one of the most anticipated sources of retail growth after the meme coin craze subsides.

Solana ETF News: What Is a Solana ETF and Why Is Goldman Sachs Betting $108 Million on SOL?

Solana ETF news today shows Goldman Sachs disclosed a $108M position while total SOL ETF inflows reached $1.45B. Analysts now expect up to $6B in institutional demand as Solana trades 71% below its all-time high.

Bitcoin ETF News Today: $2.1B Inflows Signal Strong Institutional Demand for BTC

Bitcoin ETFs news recorded $2.1B inflows over 8 consecutive days, marking one of the strongest recent accumulation streaks. Here’s what the latest Bitcoin ETF news means for BTC price and whether the $80K breakout level is next.

Popular coins

Latest Crypto News

Read more