While Ethereum (ETH) has grown over 10% in the past seven days, new technical data suggests a continuation of this upward trend in the near future. Important technical data points to the formation of the famous Golden Cross pattern on the daily Ethereum price chart, seen by many analysts as a bullish signal initiating a strong rally. According to analysis by Titan of Crypto, Ethereum’s 50-day moving average has crossed above its 200-day average, potentially signaling the start of a new upward trend with a possible price target of $2,000. Additionally, analyst JJcycles has found similarities between Ethereum’s current structure and Bitcoin’s behavior post-COVID crash in 2020, believing Ethereum is currently trading near a support level. Other analysts have positive outlooks, with Bitcoinsensus seeing Ethereum on the verge of breaking out of a monthly bullish flag pattern with a price target up to $8,000, and TraderPA suggesting Ethereum could reach $6,000 by year-end. However, some analysts have warned about the risk of further ETH decline, noting that Ethereum has lost key supports recently and if downward pressures intensify, the possibility of a significant drop to $1,200 still exists. Currently, Ethereum is priced around $1,750. If technical indicators and market volume strengthen, the potential for significant growth in the second quarter of 2021 will be high.
