Why is the Ethereum (ETH) Price Up Today?
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.
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.
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.
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Filed under: Bitcoin - @ February 22, 2024 11:19 am