eth seems unstoppable. However, he had the help of bitcoin. Below, we look at some technical indicators that could provide some insights into why the price of ethereum is up today.
Key Support Levels: $2,500
Key resistance levels: $3,000
1. The buyer took control of the price
ethereum is up double digits this week and appears to be heating up. The buyers are coming in strong and have already pushed the price above $2,700 at the time of this publication. The break of $2,500 started this rally and coincided with bitcoin's break above $50,000.
2. The most important goal at this moment
ethereum's biggest target is $3,000 if this rally continues. This is a key psychological level that can awaken sellers once reached. So far, sellers have been absent and have not been able to stop this buying impulse.
3. bitcoin leads the charge, ethereum follows
This rally is fueled by bitcoin's spectacular performance over the past three days. ethereum quickly followed and managed to keep the same pace. This is a welcome development as it generates excitement across the entire spectrum of the market.
Furthermore, the recent bullish crossover on the 3-day MACD confirms that eth buyers may just be starting to show their strength, as shown below.
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