ETH Price Is Seeing “Largest Bullish Divergence” In Years

More and more traders are going long into Ether (ETH), placing more bets and believing that the price of the largest altcoin will grow in the future. As we can see now, ETH price is seeing the “largest bullish divergence” in years and has an intense outperformance of Bitcoin as most of its peers allow it to form a highly bullish short-term market structure.

Analysts are now noting that ETH is in fact showing some of the largest bullish divergence it has seen in years. This could definitely suggest an intense upswing in the crypto news. The bullishness of Ethereum’s market structure does not only stem from this divergence – the cryptocurrency has also formed a few technical patterns which could provide it with some upwards momentum in the days and weeks ahead of us.

At the current time of writing, ETH is trading up marginally and has a current price of $173. The charts are showing an 1.15% increase in the coin’s price – a point which is higher than usual and one which was formed after its recent upswing from lows of $150.

The recent bullishness by ETH has far exceeded the one of Bitcoin and most other altcoins. A lot of analysts are pointing to its fundamental strength as shown by the recent influx of institutional funding that it previously experienced.

When looking at the daily chart, we can see that the ETH price is seeing a good movement. One pseudonymous analyst is noting that ETH has also flipped resistance into support and could now be poised to race higher if it can post a few more closes above $168.

“ETH daily chart looks much nicer to me than BTC daily. Flipped resistance into support, need a few more daily closes over $168’s but should be good,” he said while pointing to the below chart,” the analyst said.

One big factor to be aware of now is Ethereum and its recent formation of some of the largest bullish divergence it has seen in years. The ETH news showed that this could allow the coin to climb significantly higher in the near-to-mid term. The confluence of this highly bullish divergence and the strong near-term market structure suggest that a major upside movement could be imminent in the period ahead of us.