In our previous Ethereum analysis, ETH Bullish Bounce Playing Out Exactly As Predicted! What Now? we warned our readers of the Ascending Channel Pattern that was currently forming on the ETH price chart and how this pattern was a strong indication that the sell-off might resume soon!

Well, that ETH sell-off resumed even way sooner than we expected! And right now, the ETH bears have pushed prices more than -5% in just today’s trading alone. How much lower can it go?

In this Ethereum analysis, we will be talking about the Bullish Divergence currently forming in the ETH 1-hour timeframe and how this could be a great indicator of a possible price bounce coming soon!

To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link

[bybit]

ETH Bullish Divergence!

The image above shows the ETH price chart on the 1-hour timeframe with a MACD indicator added at the bottom. The MACD indicator measures the bullish/bearish volume associated with any price movement in this timeframe.

And from the chart above, we can see a clear divergence occurring between the MACD indicator and the ETH price chart.

This divergence shows that the ETH bearish volume is drying up fast right now! And even though the price is still pushing lower, we expect the trend to change.

What Now For Ethereum?

In the coming days, we will be watching the Ethereum price very closely, anticipating a bounce and rally in the Altcoin very soon!

This bounce in price could easily reverse the whole sell-off we witnessed play out in Ethereum today.

[bybit]

Easy Steps From Beginner To Pro Crypto Trader

You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Trade Hassel Free

Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link  PrimeXBT Covesting