ethereum has climbed back above $3,300 after a brief drop below this key level. Below, we look at some technical indicators that could provide insight into why the price of eth is up 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 the current support. If this bullish momentum continues, the key resistance at $4,000 may be revisited soon.
2. Momentum change
The price action over the weekend turned bullish and eth is now in the green over the past 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 MACD on the 12-hour chart has made a bullish crossover. This is a clear sign that the selling pressure may be over and buyers are eager to return. The daily MACD histogram also shows higher lows, confirming this trend.
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