Ethereum is breaking new ground, rising above $3,300 for the first time in six months, fueled by a “golden cross” technical pattern and strong altcoin performance, possibly heralding the return of investor interest in cryptocurrencies other than Bitcoin.

Q&A: Crypto Market Buzz

In brief

• Ethereum (ETH) trades above $3,300, its highest level in six months.
• Technical analysis shows ETH forming a bullish “golden cross,” a pattern interpreted as a potential buying signal.
• Ethereum leads top-20 cryptocurrencies in five-day performance, sparking discussions about an upcoming “altcoin season” (“alt szn”).

Could it really be happening? Until today, the prevailing narrative pointed away from a broad recovery across altcoins, with most traders waiting for either Bitcoin or the broader NFT sector to lead the way. But now, Ethereum, often seen as the engine for altcoin adoption, appears to be making the first real move. ETH bulls are suggesting the best is yet to come.

Ethereum Reaches Six-Month High

Ethereum has surged almost 10% today and up a remarkable 26% over the past week, currently trading around $3,300. This makes it the top performer among the world’s top 20 cryptocurrencies by market capitalization in the past 24 hours. Its performance marks the best ETH has done in six months.

Ethereum is firmly in the spotlight. With one of the top cryptocurrencies, which also powers thousands of decentralized applications (dApps), showing renewed strength, the stage is set for altcoin sentiment to evolve. Crypto veterans might remember cryptic “flippening” scenarios—the notion that ETH could one day overtake Bitcoin ($4,546 at the time of this writing) as the leading cryptocurrency by market cap based on technical possibility. That conversation seems far away at the moment, but Ethereum’s current upswing demonstrates why it remains the essential component of the market’s second-fiddle position.

Bitcoin holds steady dominance currently at 62.6% of the overall crypto market, while Ethereum occupies a commanding 10.4%. While Bitcoin remains the benchmark for crypto sentiment, the recent activity signals a shift, putting spotlight on the altcoin sector. This sector, referred to as “altcoin” colloquially, is shining brightly with significant price action, creating a sharp contrast:

Cryptocurrency Market: The Macro View

The cryptocurrency market shows enhanced strength, with the total crypto market cap increasing 2.77% to $3.8 trillion, according to Coinmarketcap. Individual assets, however, exhibit significant divergence in performance.

Concurrent with this cryptocurrency robustness, traditional markets also reached new peaks, with the S&P 500 and Nasdaq Composite closing at all-time highs. Despite ongoing tariff considerations from the current administration, the S&P 500 gained 0.27%, closing at 6,280.46. The tech-heavy Nasdaq Composite registered a slight increase of 0.09%, finishing at 20,630.67, highlighting market resilience. Geopolitical strains persist, but crypto markets seem unburdened by these macroeconomic headwinds, reinforcing the current strong investor risk appetite.

Ethereum’s Golden Cross Breakout

The technical chart for Ethereum offers compelling arguments for those making decisions based on price action. Most notably, ETH has generated a “golden cross,” a potentially bullish pattern on the daily timeframe.

For traders new to this technique, a golden cross occurs when the short-term 50-day Exponential Moving Average (EMA) crosses above the longer-term 200-day EMA, indicating a potential start to a sustained uptrend. When this pattern emerges, it often suggests the prolonged downtrend previously in place has definitively come to an end. This remains one of the most closely watched bullish signals across trader circles.

A key indicator, the Relative Strength Index (RSI), currently reads 80.3, firmly in the overbought zone. However, typical pullbacks that accompany such levels are expected in the short term. Conversely, during strong bull market phases, assets remain frequently overbought as momentum trading interest continues to fuel prices. Other indicators are adding color to the bullish reading.

The Average Directional Index (ADX), which gauges trend strength on a 0-100 scale, currently indicates a robust trend is in place, reading 29 (above 25 generally confirms a strong trend). This numerical backdrop reinforces that the current uptrend is underpinned by genuine strength rather than a fleeting fluctuation. On the 24-hour chart, ETH clearly trades significantly above its 50-day and 200-day EMAs. The wide separation between these central trends suggests strong momentum toward higher prices.

Key levels to monitor are as follows:

• Immediate Support: $3,000
• Strong Support/Marked Level: $2,500
• Immediate Resistance: $3,500 (next psychological round number)
• Strong Resistance: $3,750 – $4,000 (higher, established range)

SPX6900 Leads Memecoin Mania

If Ethereum is setting the stage for altcoin recovery, then the case could be made that meme coins are setting entertainment boundaries. The Solana-based SPX6900 ($SPX6900M) is a standout performer today, trading around $1.87 with significant gains. In just the past 24 hours, this emerging token has surged nearly 20%.

Competitors like the other Solana-based meme coin, Bonk, are pushing to join the top spot today.

The daily chart reveals a powerful emergence from a lengthy consolidation phase. While the Relative Strength Index (RSI) at 70 suggests SPX6900 is often in a state of overbought tension, it hasn’t yet crossed into territory typically associated with immediate reversal signals. Such levels are less important for non-traditional momentum-based investors than the fact that the coin is breaking out.

Meme coins are notable for their volatility, with price direction potentially changing rapidly depending heavily on social media buzz and other sentiment shifts. Traders employing the dashboard view of charts face substantial challenges, with sentiment (as much as anything) often dictating short-term outcomes. This project is governed by supply and demand dynamics on decentralized exchanges.

The Average Directional Index reading of 24 indicates motion, just shy of the threshold (25) that serves as confirmation of trend strength. Along with other factors, the coin clearly has momentum behind it. The breaking above the 50-day EMA highlights its strength, with price consolidating above major moving averages.

Key levels for SPX6900 are positioned as:

• Immediate Support: $1.60 (previous consolidation area)
• Previous Consolidation: $1.40 – $1.25
• Psychological Resistance: $2.00
• Stronger Resistance/Target: $2.50