Why is the Ethereum (ETH) Price Up Today?
Ethereum’s price is soaring today and it managed to break above the important $2.7K level. Here’s why.
ETH seems unstoppable. However, it had a helping hand from Bitcoin. In the following, we take a look at a few technical indicators that might provide some insights into why the Ethereum price is up today.
Key Support levels: $2,500
Key Resistance levels: $3,000
1. Buyer Took Control of the Price
Ethereum is up in double digits this week and appears to be just heating up. Buyers are coming in strong, and they have already taken the price above $2,700 at the time of this post. The breakout at $2,500 started this rally and coincided with Bitcoin breaking above $50K.
2. The Most Important Target Right Now
Ethereum’s biggest target is $3,000 if this rally continues. This is a key psychological level that may awaken sellers once hit. Until now, sellers have been absent and unable to stop this buy momentum.
3. Bitcoin Leads the Charge, Ethereum Follows
This rally is being driven by Bitcoin’s spectacular performance in the past three days. Ethereum was quick to follow and managed to keep the same pace. This is a welcomed development as it brings enthusiasm across the whole spectrum of the market.
Moreover, the recent bullish cross on the 3-day MACD confirms that ETH buyers may only be starting to show their strength, as shown below.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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