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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.
