In our previous Ethereum analysis Warning! ETH Getting Ready To Sell-Off. Find Out Why. we identified a key Bearish Divergence Playing out in the Ethereum price chart and talked about how this could be a strong sell signal for the Altcoin.
However, since publishing that article we have seen massive bullish volume and buying power come back into the market, sending the Altcoin price soaring!
What does this price surge mean for Ethereum and what can we expect in the coming days? Find out all that and more in this Ethereum analysis.
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What Is Ethereum Up To Now?
The Ethereum price has broken through all major resistance in the 1-hour timeframe and it is now in bullish territory. However, there is a very high probability that this massive surge in ETH price we saw might have made the Altcoin become overextended to the upside.
So in the coming days, we expect to see the ETH price begin to cool down as bullish traders lock in profit and wait for a better level to re-enter the market.
This price cool-down could easily see the Ethereum price come back down to test the $1,608 key zone before finding support and rallying higher.
Final Verdict!
The Ethereum price is currently in the bullish territory in the 1-hour timeframe and in the coming days, we expect to see the Altcoin begin to form bullish structures (Lower-High) and continue pushing higher.
The most important level to watch is the $1,608 key zone! This was the zone the ETH bulls had to break through in order to retain control of this market. If the ETH price falls back below this zone, it can only mean more sells.
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