Ether is trading above $3,000 again after adding more than 3% to its value over the past few hours.
The cryptocurrency market has been performing well over the past 48 hours. So far today, the total cryptocurrency market has added more than 3% to its value, with the market cap now above $1.9 trillion.
Bitcoin leads the way as it is now trading above $42k. If the positive momentum is maintained, Bitcoin will likely surge past the $45k psychological level before the end of the week.
Ether remains the second-largest cryptocurrency by market cap. At press time, ETH is trading at $3,017, up by 3.5% over the past 24 hours.
There is no primary catalyst behind Ether’s ongoing rally except the recovery embarked by the broader cryptocurrency market. Ether could rally higher before the end of the day if the current momentum is maintained.
Key levels to watch
The ETH/USD 4-hour chart is currently bullish as Ether has added 3.5% to its value in the last 24 hours. The technical indicators show that ETH could rally higher soon.
The MACD line crossed the neutral line and is now in the positive region. Thus, indicating that it is bullish at the moment. The 14-day RSI of 63 shows that ETH could enter the overbought region if the rally continues.
Ether could break past the first major resistance level at $3,101 before the end of the day if the market condition improves. However, it would need the support of the broader market to surpass the second major resistance level at $3,285.
On the flip side, ETH could slip below the first major support level at $2,877 if the bears regain control of the market. The support level at $2,732 should limit further downward movement in the short term.