Despite the carnage and chaos all across the crypto market due to recent US SEC-related enforcement actions, Ethereum has just given a bullish buy signal.
On weekly timeframes, ETHUSD has formed a golden cross, but will it be enough to give the asset class a glimmer of hope amidst such darkness? Let’s take a closer look.
Ethereum Price Golden Cross Buy Signal Forms On Weekly Chart
Ethereum prices are down roughly 20% off 2023 highs, but still down more than 60% from the record peak back in 2021. Hope for a recovery across the crypto market dwindled last week, when the United States SEC launched enforcement actions against an already weakened industry.
Other coins have plummeted by 50% or more in just days, while Bitcoin and Ethereum have shown resilience as the two top cryptocurrencies by market cap. ETHUSD has done so well in the recently bearish environment, in fact, is has formed a golden cross of the 50-week moving average and the 200-week moving average.
The golden cross comes a
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