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The ETH sell-off is finally slowing down after the biggest Altcoin in the world lost more than 60% of its total value in a matter of weeks.
This drying bearish momentum is a clear indication that Ethereum might be oversold and is getting ready for a price reversal soon!.
We have further confirmation on the MACD indicator. We can clearly see a bullish divergence playing out on the Ethereum 4-hour timeframe.
We can see the MACD indicator making Higher-Highs while the Ethereum price is still selling off! This points to the Ethereum bulls stepping back into the market and gradually building the Altcoin bullish momentum up.
This offers us a good opportunity to look for bullish trade setups in the coming days in anticipation of the coming rally.
[primexbt]
Ethereum Bullish Prediction
If this bullish price prediction plays out, there is a very high probability that we might see a massive rally in the Ethereum price soon. This rally will push the ETH price back above the $2,889 resistance region.
This bullish prediction also relates well to our Bitcoin Bullish prediction Massive Rally Coming For Bitcoin! Watch This Elliot Wave Analysis. If Bitcoin rallies, this would likely affect the crypto market and cause the Ethereum price to rally as well!
However, we do not want to jump into a bullish trade until we begin seeing bullish patterns play out on the Ethereum smaller timeframes. This would be a good indication to spot when the market finally reverses.
Final Verdict!
Ethereum is getting ready to make a massive rally in the coming days. If this rally occurs we can expect to see Ethereum surge back to the $2,889 previous highs soon.
A break above this $2,889 resistance could see the Ethereum price rally surge up back towards the previous ATHs of $4,350 soon!
There is a very high probability that this bullish move might play out next week especially if this current Divergence between the MACD and price continues to grow.
[primexbt]
Easy Steps From Beginner To Pro Crypto Trader
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