- Ethereum confirms hidden bullish divergence breakout.
- The move allows the price of ETH to break back above $4,811.
- As higher prices are expected for ETH, altseason arrival expectations rise.
The pioneer altcoin, Ethereum (ETH), is currently trading at the $4,500 price range, showing a steady increase in its price over the last day. This move ignited bullish market sentiments, especially for the arrival of altseason. To highlight, Ethereum confirms hidden bullish divergence breakout, leading to the price of ETH moving to break back above the $4,811 bull target. Will we see another new ETH ATH price?
Ethereum Confirms Hidden Bullish Divergence Breakout
The crypto market has had a rough few weeks following the new ATH prices BTC and ETH set last month. In detail, the price of BTC set a new ATH record at the $124,000 price range, just above the $123,000 price range where its previous ATH was set. Ten days later, the price of ETH went on to set a new ATH price in the $4,900 price range, marking its first ATH price this bull cycle, just above the previous ATH price set in the $4,800 range during the last bull cycle.
Since then, analysts have been hoping to see the price of ETH set new ATHs and truly begin to explore its price discovery region by breaking past the $5,000 price range. Instead, the crypto market experienced repeated price dips that took the price of ETH and BTC to trade in a long sideways movement for weeks. During this time, BTC fell as low as $110,000 while the price of ETH fell as low as $4,100.
Now, the crypto market lies in a precarious position as analysts expect a correction phase to take over the crypto market. Based on historical data, September has always been a bearish red month , and some analysts believe this year will be no different. During this correction, the price of BTC is expected to drop below the $100,000 price range, while the price of ETH is expected to fall as low as $3,500.
ETH Moves to Break Back Above $4,811
Despite the bearish sentiment , the ETH price chart and altcoin price charts show a much more bullish outcome for the coming days ahead. In detail, some analysts have found highly bullish indicators on both altcoin and ETH price charts that signal bullish altcoin rallies in the coming weeks ahead. One analyst believes this to be a fake pump made by market makers to manipulate the market and create an exit pump.
As we can see from the post above, one reputed and popular crypto analyst shares a bullish signal he observed on the ETH price chart. He also goes on to share this chart as seen in the post above, saying that ETH has confirmed a hidden bull divergence pattern and expects this move to allow the price of ETH to shoot up and claim much higher prices. In fact, he concludes saying that ETH price is turning significantly to the upside and can be headed for a break back above the $4,811.71 price target.
