Ethereum's Golden Cross Sparks Bullish Signals Against Bitcoin
Ethereum's native token, Ether (ETH), is showing continued strength against Bitcoin (BTC) after flashing a bullish signal. A 'golden cross' formed in the ETH/BTC trading pair, where the 50-day moving average crossed above the 200-day moving average.
This development comes after ETH gained 25% against BTC since hitting a low on June 6, extending a relative uptrend that began in early June. A similar golden cross in February 2021 preceded a 93% surge in ETH relative to BTC.
The golden cross is often seen as a lagging indicator and not foolproof, as it can produce false signals. Traders should use it alongside other technical and fundamental analysis.