Ethereum
Why is the price of Ethereum (ETH) increasing today?
Ethereum is back above $3,300 after a brief dip below this key level. In the following, we look at a few technical indicators that could provide insight into why the ETH price is rising today.
Key Support Levels: $3,300
Key Resistance Levels: $4,000
1. Bulls regain control
The correction that began in mid-March appears to be coming to an end. After ETH briefly rose to $3,000, buyers quickly returned to push it above $3,300, which is current support. If this bullish momentum continues, the key resistance at $4,000 could soon be revisited.
2. Change in dynamics
Price action over the weekend turned bullish and ETH is now in green over the last 24 hours. This brought optimism back to the market after the price hit a higher low on Saturday. If the bulls also make a higher high, then the uptrend will be confirmed.
3. MACD bullish cross
The daily 12-hour MACD has made a bullish crossover. This is a clear signal that the selling pressure may be over and buyers are eager to return. The daily MACD histogram also shows higher lows, which confirms this trend.
Chart by TradingView
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