What Is Driving Today’s Ethereum (ETH) Price Increase?

What Is Driving Today’s Ethereum (ETH) Price Increase? | The ETH seems to be unbeatable. But Bitcoin helped make it possible. Here are some technical signs that might help you figure out why the price of Ethereum is going up today.

Key Support levels: $2,500

Key Resistance levels: $3,000

1. Prices were set by the buyer.

This week, Ethereum is up more than 10% and looks like it’s just getting hot. The price has already gone over $2,700 at the time this post because so many people want to buy it. This rise began with a break at $2,500, which happened at the same time that Bitcoin broke above $50,000.

Chart by Trading view

2. Right Now’s Most Important Goal.

If this rise keeps going, $3,000 is Ethereum’s biggest goal. If buyers are hit at this level, it could wake them up. As of right now, sellers haven’t been around and haven’t been able to stop the buyers.

Chart by Trading view

3. Bitcoin is first, and Ethereum is next.

Bitcoin has been doing really well over the last three days, which is what is driving this rise. Not long after, Ethereum caught up and kept up with the pace. This is a good move because it makes people in the whole market excited.

The recent positive cross on the 3-day MACD also supports the idea that buyers of ETH may only be beginning to show how strong they are, as seen below.