- Ethereum triggers a weekly Ichimoku Golden Cross, suggesting a bullish trend reversal as Tenkan-sen crosses above the Kijun-sen line.
- RSI attempts to break its descending trendline, signaling potential momentum buildup and supporting further upside strength in Ethereum’s current move.
- If ETH sustains current momentum, price could rally toward $3,100, aligning with the cloud’s top resistance and bullish confirmation zone.
Ethereum has triggered a bullish signal on the weekly chart, showing signs of growing momentum that may support higher prices. The cryptocurrency was trading at $2,688.72 as of writing, reflecting a 2.72% increase in the past 24 hours and 4.77% in the last 7 days.
Ichimoku Golden Cross Points to a Bullish Trend Shift
According to technical observations shared by Titan of Crypto (@Washigorira), Ethereum has formed a classic Ichimoku Golden Cross. This formation occurs when the Tenkan-sen (red line) crosses above the Kijun-sen (blue line), often viewed as a trend reversal signal.
In this case, Ethereum’s price is also moving toward the Kumo cloud. A move through the cloud with continued momentum could confirm a stronger upside trend. This behavior suggests a possible setup for Ethereum to approach the next resistance target.
The golden cross coincides with Ether’s recent price surge and could suggest the onset of a bigger trend. Technical traders often watch Ichimoku signals in longer timeframes – the weekly chart is often popular for market moves.
RSI Attempts Breakout From Downtrend Line
Adding strength to this development is a potential Relative Strength Index (RSI) breakout. The RSI, which had been trending lower for months, is now showing signs of piercing its descending resistance line.
This change in RSI behavior could confirm increasing buying pressure. If sustained, it may validate the underlying strength supporting the Ichimoku Golden Cross. Traders watch such technical confirmations for signs of renewed interest from market participants.
The RSI’s breakout attempt offers a second layer of validation for bullish projections. Such alignments between indicators are often viewed as strong signals in market analysis.
$3,100 Target Could Emerge If Bullish Momentum Sustains
If the price of Ethereum can continue to maintain its pace, the next possible target is roughly $3,100 considering that price action functions at the top of the Ichimoku cloud and is designated as an area of resistance.
@Washigorira adds in a tweet, A decisive breakout through this area opens up potential for additional upside. Market participants are carefully observing volume and whether any subsequent buying occurs as price moves toward the $3,100 area.
A confirmed RSI breakout along with the golden cross would serve as two catalysts that may facilitate Ethereum’s transition into a new leg higher.
