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
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.
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.
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.
