🚀 Crypto Why is the Ethereum (ETH) Price Up Today?

[Gr@c3]

Ethereum is back above $3,000 after a brief pullback. In the following, we take a look at a few technical indicators that might provide some insights into why the ETH price is up today.

Key Support levels: $2,900

Key Resistance levels: $3,340

1. Bulls Are in Control​

The ETH rally is in full swing, and its current target is found at $3,340, which is a key resistance. The price appears a bit overextended, but as long as bulls keep this momentum, the rally can continue.


Chart by TradingView

2. Key Support Retested Successfully​

After the price broke above $2,900, ETH entered a brief pullback, which confirmed this level as a key support. This gave the green light to buyers to move this cryptocurrency higher still.


Chart by TradingView

3. Daily RSI Overbought​

The daily RSI is at 77 points, placing it in the overbought area. This is a show of strength right now, but if a bearish divergence is confirmed later on (higher price, lower RSI), it would be best to remain careful. At the time of this post, the bias is bullish.


Chart by TradingView

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