Ethereum’s Golden Cross Fizzles—Will $3,000 Remain a Fantasy?
Ethereum bulls just got a reality check. The much-hyped golden cross—a technical indicator that typically signals bullish momentum—failed to deliver, leaving traders questioning ETH’s path to $3,000.
What went wrong?
Market sentiment flipped faster than a crypto influencer’s allegiance. The golden cross, formed when the 50-day moving average crosses above the 200-day average, usually sparks rallies. This time? Crickets. ETH’s price action stalled like a DeFi project after the VC dump.
Wall Street’s old guard won’t gloat (publicly). But the ‘told-you-so’ looks are flying faster than stablecoin printer go brrr memes. Meanwhile, Ethereum’s faithful cling to hopium: institutional adoption, layer-2 scaling, and that ever-distant ‘flippening.’
Bottom line: Technicals are blinking yellow. But in crypto, fundamentals are what you tweet into existence—until the leverage gets liquidated.
Lack Of Follow-Through Shows Ethereum’s Weakness
According to technical analysis initially noted on the social media platform X, Ethereum recently exhibited a golden cross. However, according to the analyst, this was a failed golden cross, as Ethereum’s price barely moved when it happened on the daily timeframe.
The analyst, who goes by the name Honey on the social media platform, noted that the lack of movement shows more profound issues in current market conditions, especially in terms of liquidity and sentiment. The golden cross should have injected life into Ethereum’s price action, but instead, it shows the absence of momentum.
Ethereum’s price performance following the crossover has made the pattern feel more like a false signal than what the golden crossover is mostly known as. The chart below shows that while the moving averages did cross, the price action around that moment was uneventful and even slightly bearish. This is a huge difference from what happened in December 2024, when the same pattern was followed by a quick upside push. Back then, Ethereum’s price surged by about 18% to touch $4,000 very briefly.
Return To $3,000 Might Take Longer Than Expected
The bigger takeaway is not just the failed breakout, but what it implies about the coming quarter. According to the analyst, this entire crypto market might witness a sluggish and choppy Q3, particularly if Bitcoin is below the $111,000 mark.
In this environment, it’s difficult to imagine Ethereum making a clean run to the $3,000 milestone any time soon. The lack of momentum does not bode well for bullish forecasts, even though Ethereum has so far held its ground at support levels around $2,400.
At the time of writing, Ethereum is trading at $2,548, down by 2.1% in the past 24 hours. Data from CoinGecko shows that the leading altcoin reached an intraday high of $2,630 in the past 24 hours, but it has failed to hold up this momentum. For Ethereum to break out of its current zone and move to $3,000, it WOULD need a wave of liquidity and confidence.
This recent volatility is tough for Ethereum’s bullish prospects, but its long-term outlook is relatively strong. Interestingly, one particular analyst believes that Ethereum is going above $10,000 this cycle.
