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Ethereum (ETH) Price Rebounds 7.2% Amid Looming MACD Golden Cross

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Insha Zia

Key Takeaways

  • Ethereum recovered 28% from its August 5 low of $2,120.
  • A potential golden cross may signal a significant uptrend.
  • A breakout above the descending channel could confirm a new bullish phase.

Ethereum’s daily MACD has lately been showing promising signs. The moving averages are beginning to converge, setting up the potential for a golden cross. If this pattern forms, it could signal the start of a significant uptrend for ETH.

Could Ethereum post another all-time high soon? Let’s find out.

ETH Price Analysis 

Ethereum’s  May 27 high of $3,977 fell short of the March 11 high of $4,092, leading to a drop to the $2,820 support level by July 5. We noted that if a five-wave impulse formed from the July 5 low and broke above $3,500, it would signal the end of the corrective phase that began in March.

ETH
ETHUSD | Credit: Nikola Lazic/Tradingview

Instead, it got rejected, leaving the rise from July 5 to be a three-wave ABC pattern, possibly extending the corrective WXYXZ pattern with two additional waves. This means that we could have seen the completion of this corrective pattern on Aug. 5 when ETH dropped to $2,120. 

The daily chart RSI fell to 21%, signaling extreme oversold conditions. After that, we saw a 28% recovery. After some downward movement over the weekend, a new green candle today returned the price to $2,700. 

If the long-lasting corrective pattern from March ended on Aug. 5, we now see the first sub-wave of a new five-wave pattern. 

ETH Price Prediction 

Analyzing the hourly chart, the recent breakout above the descending channel formed on Aug. 9 signals a continuation of the uptrend that began on Aug. 5. This could represent the fifth wave in a classic Elliott Wave impulse pattern.

ETH
ETHUSD | Credit: Nikola Lazic/Tradingview

If this breakout holds and ETH moves toward the $2,800 level, we may expect a corrective pullback afterward, likely forming a higher low of around $2,380.

This would set the stage for a more significant bullish trend, potentially driving ETH to levels above $3,200.

Should this pattern evolve into a higher-degree five-wave structure, it could even pave the way for a new all-time high.

However, it’s crucial to monitor the $2,800 level for confirmation of this scenario. If ETH fails to maintain momentum and falls below key support, the bullish outlook may need reassessment.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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