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!
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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.
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