Ethereum Price Prediction as ETH Chart Forms Golden Cross on Weekly Candles – Best Time to Buy?

Jun 13, 2023

By Simon Chandler | @simon-chandler

The price of Ethereum (ETH) has barely moved in the past 24 hours, with its position at $1,750 representing a 3.5% loss in a week and an 8% dive in the past fortnight.

However, ETH remains up by a healthy 46% since the beginning of the year, while analysts have noted that the altcoin has formed a weekly golden cross, with its short-term moving average rising above its long-term average for the first time since 2019.

This could mean that ETH is in line for a big rally in the coming months, although with the SEC vigorously pursuing legal actions against Binance and Coinbase (among numerous others) the situation may remain uncertain in the near future.

Still, with ETH's fundamentals remaining among the best in the market, it's only a matter of time before another big rally happens.

Ethereum Price Prediction as ETH Chart Forms Golden Cross on Weekly Candles – Best Time to Buy?

Looking at ETH's chart over a shorter time span, its indicators continue to show weakness as it tries to recover from last week's big market-wide selloff.

Source: TradingView

ETH's 30-day average (yellow) recently fell below its 200-day (blue) over the weekend, and is still declining, meaning that the current downturn hasn't quite played itself out yet.

At the same time, the coin's relative strength index (purple) remains below 50 after spending the past few days close to (or below) 30, again signaling a lack of positive momentum.

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