Ethereum is trading above the $3,000 level again and could rally higher if the bulls remain in control.
The cryptocurrency market has been performing excellently over the past 24 hours. The total crypto market cap has increased by more than $200 billion since the start of the week and currently stands around $1.9 trillion.
Bitcoin is looking set to cross the $45k resistance level following its recent rally. Ether, the second-largest cryptocurrency by market cap, isn’t left behind. ETH has added more than 6% to its value over the past 24 hours, allowing it to cross the $3,000 psychological level.
At press time, ETH is trading around $3,110 per coin. There is no major catalyst behind this latest move except the broader cryptocurrency market recovering from its recent slump.
If the bulls remain in control, ETH could rally past the next major resistance level at $3,500 over the coming hours or days.
Key levels to watch
The ETH/USD 4-hour chart is very bullish at the moment, thanks to Ethereum’s rally over the past 24 hours. The technical indicators show that ETH is rallying and could surge higher over the coming hours.
The MACD line crossed into the positive region following ETH’s recent rally, indicating a strong bullish momentum. The 14-day RSI of 68 shows that ETH could soon enter the overbought region if the bulls remain in control.
If the bullish momentum is maintained, ETH could rally past the first major resistance level of $3,386. In the event of an extended rally, Ether could surpass the second major resistance level above $3,500. It would be the first time ETH will trade above $3,500 since January.