Ethereum forms first bullish divergence in 2 years: Major rally ahead? #ETHETFsApproved
Ethereum sees its first bullish divergence in two years: Is a major price reversal coming?
• Ethereum shows potential for a bullish reversal, with a rare daily bullish divergence and narrowing Bollinger Bands.#EFTvsBTC
• Macroeconomic shifts and on-chain data could propel Ethereum’s price upward, despite recent bearish momentum.
Ethereum [ETH] was exhibiting signs of a price reversal at press time, with a bullish divergence emerging on the daily timeframe. This marks the first bullish divergence for ETH in over two years.
Michaël van de Poppe, a crypto analyst, recently noted,
“These are great signs on the markets, as $ETH has made its first bullish divergence in the daily timeframe in more than two years.”
However, he also posed the critical question:
“Will this be the actual reversal signal?”
Technical indicators signal possible price movement
Ethereum traded at $2,514.53 at press time, reflecting a 0.89% decline in the past 24 hours and a 4.94% drop over the last week. Despite this recent downturn, technical indicators are hinting at a potential shift.
The Bollinger Bands are narrowing, which often indicates that a significant price movement could be on the horizon.
ETH was trading below the middle Bollinger Band at press time, suggesting that the asset was still under bearish momentum.
The Moving Average Convergence Divergence (MACD) indicator showed that the MACD line remained below the signal line, with both trending in negative territory.
