Ethereum and XRP Form Golden Cross, Likely Targets They Could Rally To Soon

Ethereum (ETH) and XRP are showing bullish signals even though the crypto market is correcting in reaction to hotter-than-anticipated US CPI inflation figures. Ethereum and XRP have recently formed a very bullish technical trading pattern known as the golden cross. 

As this bullish formation occurred even after the ETH correction, the famous crypto analyst Cas Abbé has said that the Ethereum price might jump to a new all-time high. YouTube crypto analyst Tyler Hill Investing has estimated the price of XRP can soar to $8.52.

Ethereum (ETH) Forms Golden Cross, New ATH in Sight

Last week, the Ethereum price attempted to break above $4,800 for the first time since August. However, it was met with strong selling pressure as financial markets tumbled upon the release of US CPI inflation figures. The Ethereum price has now stabilized above the $4,500 support level.

However, there is excitement among Ethereum traders and investors with a golden cross spotted on the 1D chart. The golden cross is generally used to denote the point where the 50-day simple moving average (SMA) and the 200-day SMA meet on the daily charts. It has in the past led to some of the largest Ethereum price increases.

Mister Crypto has identified the golden cross pattern on the ETH chart and has stated that what follows next is self-evident. Cas Abbé further supports the bullish case for Ethereum. He highlights that ETH has fully reclaimed the $4,000 support zone, with inflows into Ethereum ETFs increasing.

In addition, the analyst expects more treasuries to join the trend of purchasing ETH starting next week. With these bullish trends lining up, Cas Abbé predicts that the Ethereum price could rally above $10,000 in this bull cycle, which will be an increase of more than 220% from its current range.

XRP Could Target $8.52 With Bullish Setup

Like Ethereum, XRP has created a new golden cross, albeit on the 4H chart. The emergence of a golden cross signals a possible change of trend from the current correction in the broader market. 

Tyler Hill Investing explains that, in addition to the breakout structure being confirmed, the RSI of XRP is still bullish and not overbought. According to the analyst, the first Fibonacci target is at $4.45. 

If the XRP price hits this level, which will be a new ATH, it could go on to rally as high as $8.52 as the final target in this current bullish setup. This will represent an increase of more than 3x from its current range, and analysts claim it could happen as early as November. 

A major factor that could influence the beginning of this uptrend is XRP holding above the $3 support level. Over the last 30 days, the XRP price has been trading around this key support level. A decisive move above the $3 zone will mark the beginning of the XRP uptrend. 

In Conclusion

The appearance of golden crosses on Ethereum and XRP charts indicates a major technical turning point towards bullish momentum for both cryptocurrencies. Ethereum is expected to rise to $10,000, and XRP could reach $8.52.