Ether is currently looking to break past the $3,200 resistance point after adding more than 3% to its value so far today.
The cryptocurrency market has been performing well since the start of the week. In the last 24 hours, the broader market has added more than 2.5% to its value. As a result, the total cryptocurrency market cap now stands close to $2 trillion.
Bitcoin, the world’s leading cryptocurrency, has surpassed the $43k mark and could reach the $45k psychological level soon if the bullish momentum continues.
Ether maintains its place as the second-largest cryptocurrency by market cap. It is up by more than 3% so far today, outperforming the broader cryptocurrency market in the process.
At press time, ETH is trading at $3,101. If the bullish momentum continues, ETH could look to surpass the $3,300 psychological level before the end of the week.
Key levels to watch
The ETH/USD 4-hour chart is bullish as Ether has been performing well so far today. The technical indicators show that Ether could sustain its rally as the week comes closer to its end.
The strong buying pressure means that the MACD line stays above the neutral zone for the fourth consecutive day this week. The 14-day relative strength index of 64 shows that ETH could soon enter the overbought region if the bullish trend continues.
If the bulls remain in charge, ETH could surpass the first major resistance level at $3,188 before the end of the day. In the event of an extended bullish run, Ether could trade above $3,300 for the first time since January 16.
On the flip side, if the bears regain control, Ether could drop below its first major support level at $3,043. However, the second major support level at $2,955 should cap further downward movement in the short term.