Why Did Ethereum (ETH) Price Rise Today?
Ethereum rallied back above $3,300 after a brief dip below this key level. Below we will take a look at a few technical indicators that may provide some 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 started in mid-March seems to be coming to an end. After ETH briefly rose to $3,000, buyers quickly came back, pushing the price above the current support at $3,300. If this bullish momentum continues, the key $4,000 resistance could be revisited soon.
Chart by TradingView
2. Momentum shift
Over the weekend price action has been bullish and ETH has been in the green for the last 24 hours. This brought optimism back to the market after the price hit a lower level on Saturday. If the bulls also manage to make a higher high, the uptrend will be confirmed.
Chart by TradingView
3. MACD Bullish Cross
The daily MACD on the 12-hour time frame showed a bullish trend. This is a clear signal that the selling pressure may be over and buyers want to return. The daily MACD histogram also has higher lows, confirming this trend.
Chart by TradingView
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