Ethereum is back above $3,300 after a brief drop under this key level. 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: $3,300
Key Resistance levels: $4,000
1. Bulls Regain Control
The correction that started in mid-March appears to be ending. After ETH briefly went to $3,000, buyers quickly came back to push it above $3,300, which is the current support. If this bullish momentum continues, the key resistance at $4,000 may soon be revisited.
2. Momentum Shifting
The price action over the weekend turned bullish and ETH is now in green in the past 24h. This brought back optimism to the market after the price reached a higher low on Saturday. If bulls also manage a higher high, then the uptrend will be confirmed.
3. MACD Bullish Cross
The daily MACD on the 12-hour timeframe has made a bullish cross. This is a clear signal that the selling pressure may be over, and buyers are keen to return. The daily MACD histogram also has higher lows, which confirms this trend.
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