In our previous Ethereum analysis, ETH Bullish Bounce Played Out Exactly As Predicted! What Now? we talked about the major resistance levels the ETH bulls were facing right now in the 1-hour timeframe, and also what price needs to do if we are to see this Ethereum rally continue in the coming days.
Well, those key levels we talked about in that previous analysis are still holding strong right now! And as we look a bit closer, something else is beginning to happen, warning us of a potential sell-off about to play out in the coming days.
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Ethereum Potential Crash Back Down To $1,458?
Right now we are seeing bullish weakness in the Ethereum price chart as the Altcoin is currently forming a Bearish Divergence at key resistance levels.
Why is this important? Well, facing a major resistance level is already a big problem for the Ethereum bulls, and when you combine that factor with a bearish divergence you get a clear picture of a potential sell-off about to happen!
The bearish divergence is a great indicator that shows that the ETH bullish volume is drying up fast! And it is gotten when you combine the MACD indicator and price.
The image below shows what happens to the price once a Bearish Divergence is spotted! And this is what we expect to happen to Ethereum in the coming days.
What Now For Ethereum?
In the coming days, we expect the ETH move higher to continue slowing down as the bullish momentum fades away and the bears begin to re-enter the market from these Ethereum key levels in the 1-hour timeframe.
Once the bullish momentum is totally gone, expect a massive push lower for the Altcoin. This bearish push could easily see Ethereum crashing back down to the $1,458 key level or even lower in the coming days.
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