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In our previous Ethereum analysis ETH Price Getting Ready To Bounce? Watch This Key Pattern we talked about the major level the Ethereum price is currently testing and why this $1,837 support region is so important to the bulls.
Well, in this ETH analysis, we will be going a step further and breaking down the bullish divergence currently playing out in the lower timeframes and how this could be a signal that the bullish rally is about to start.
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Ethereum Bullish Divergence!
The Ethereum price is currently facing major support at the $1,837 price region in the 4-hour timeframe. This key support region is very important to the bulls and we are already seeing buyers begin to step in to defend the level.
This influx of buyers is causing a massive bullish Divergence to form in the ETH lower timeframes. This Divergence is forming between the ETH price and the MACD indicator, a great indication that the bears are finally running out of steam and we should be getting ready to see the ETH price rally higher in the coming days.
What Should We Be Expecting In The Coming Days?
In the coming days, we are expecting to see the ETH bulls begin to push the Altcoin price up. The first resistance we will be facing is the 15 minutes Descending Channel the ETH price has been respecting all through the week.
Once the ETH bulls can push the Altcoin price above this Descending Channel resistance, we can expect to see more buying pressure come in and begin pushing Ethereum higher with more momentum.
So for now, we are still bullish on Ethereum and believe the ETH rally is still far from over just yet. But for this bullish prediction to remain valid, we need to see the $1,837 key support continue to hold.
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