Ethereum’s Golden Cross Flops: $3,000 Dream Crushed? 😱

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Well, well, well. Look what we have here. Our dear ol’ Ethereum has just pulled off a real humdinger of a move. Seems it’s gone and done a failed golden cross on the 1-day candlestick timeframe chart. Now, for those of you who ain’t familiar with the fancy lingo of the crypto world, a golden cross is supposed to be this big ol’ bullish signal. It’s when the 50-day moving average climbs above the 200-day moving average, and it’s usually a cause for celebration.

But not this time, no sirree. This time, Ethereum’s price action has been as flat as a pancake, making it hard to imagine a break above $3,000 anytime soon. Now, I don’t know about you, but I reckon that’s a bit like inviting the whole town to a party and then forgetting to buy any food or drinks. It’s just downright embarrassing.

Lack of Follow-Through Shows Ethereum’s Weakness 😒

According to some fancy pants analyst on the social media platform X, Ethereum recently exhibited a golden cross. However, 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, 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.

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2025-07-05 04:23