Ethereum Prints ‘Golden Cross’ That Sent ETH Price Rallying 102% in 2023

Ethereum’s native token, Ether (ETH), has confirmed a bullish “golden cross” pattern on its 3-day chart, signaling potential for more upside, even after a stunning 65% rally since June.

Symmetrical Triangle Breakout Projects $18K ETH Price Target

The technical formation, which occurs when the 50-period exponential moving average (EMA) crosses above the 200-period EMA, appeared around July 18. This pattern previously triggered a 102% ETH price surge from December 2023 to March 2024, when ETH/USD soared from $1,830 to over $4,000.

As of July 21, ETH trades near $3,780, continuing its sharp climb from sub-$2,300 levels in June. The current golden cross follows a breakout above key resistance near $3,000, fueled by strong ETF inflows and institutional accumulation.

Notably, the 14-day relative strength index (RSI) has entered overbought territory near 80. While this suggests short-term overheating, past rallies show that ETH can remain overbought for extended periods during strong bullish trends.

Zooming out to the weekly chart, Ethereum appears to be breaking out of a multi-year symmetrical triangle pattern that has been forming since mid-2021. The structure’s upper trendline resistance, which capped multiple upside attempts for over three years, is now under threat.

A confirmed breakout could set the stage for a measured move toward $18,000—an over 375% rally from current price levels.

Expect 25% Pullback, Ethereum Analyst Says

Despite the bullish momentum, some analysts expect Ethereum to cool off before its next major leg higher. According to recent historical patterns, ETH rallied over 100% in April–May 2024, only to drop 26% shortly after.

ETH has already jumped around 80% in just 30 days. If a similar 25% correction follows, the price could revisit the $2,900 range—an area marked as midrange support.

“If that happens, you buy with your eyes closed,” said analyst @follis, arguing that the zone could offer a textbook bullish retest opportunity before continuation.