skip to Main Content
bitcoin
Bitcoin (BTC) $ 83,504.37 1.01%
ethereum
Ethereum (ETH) $ 1,843.97 1.22%
tether
Tether (USDT) $ 1.00 0.03%
xrp
XRP (XRP) $ 2.12 1.27%
bnb
BNB (BNB) $ 607.78 0.58%
solana
Solana (SOL) $ 125.96 0.01%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.167568 1.59%
cardano
Cardano (ADA) $ 0.663561 1.20%
tron
TRON (TRX) $ 0.240128 3.47%

Why is the Ethereum (ETH) Price Up Today?

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

1. Bulls Are in Control

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.

ETHUSD_2024-02-22_15-38-32
Chart by TradingView

2. Key Support Retested Successfully

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.

ETHUSD_2024-02-22_15-40-07
Chart by TradingView

3. Daily RSI Overbought

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.

ETHUSD_2024-02-22_15-41-25
Chart by TradingView

The post Why is the Ethereum (ETH) Price Up Today? appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top