Ethereum has triggered a short-term golden cross against Bitcoin on the hourly chart, with its 50-period moving average crossing above the 200-period moving average. The pattern emerged after ETH/BTC bottomed at 0.025 on June 6 and has since rallied, raising hopes that Ethereum's multi-month downtrend may be ending.
Technical Signal Appears After Prolonged Weakness
The golden cross on the hourly ETH/BTC chart follows a period of sustained underperformance for Ethereum relative to Bitcoin. The pair had been declining since mid-April, trading below its daily 50-period moving average since April 23. A breakout above the 0.027 level, which aligns with that daily MA, preceded the bullish crossover.
Galaxy's Head of Research, Alex Thorn, highlighted the move on social media, though he did not offer explicit bullish commentary. The signal comes after Ethereum began 2024 with a death cross on the daily ETH/BTC chart, a pattern that Thorn had flagged at the time but which went largely ignored amid broader crypto optimism.
On-Chain and ETF Activity Provide Tailwinds
Ethereum's recent outperformance has been supported by fresh inflows into spot ETH ETFs and rising on-chain activity. Notably, Robinhood's new Layer 2 network uses ETH as its native gas token, boosting demand. The Relative Strength Index across multiple timeframes has bounced from oversold levels back to neutral or positive territory, but a confirmed trend reversal is not yet established.
Traders are watching the ETH/BTC ratio closely, as altcoin rallies have historically coincided with a rising ratio. When Ethereum outperforms Bitcoin, market participants tend to take on more risk, driving capital into smaller cryptocurrencies. However, the golden cross on an hourly chart is a short-term signal, and sustained momentum will require further confirmation above key resistance levels.