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Cointelegraph

Why is Ethereum (ETH) price up today?

Mar 20, 2025, 02:03 GMT+5:302 min read

ETHUSDT

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Ether (ETH) price rallied nearly 8% over the past 24 hours, reaching a high of $2,064 on March 19. The altcoin’s daily trading volume increased to $17.4 billion as ETH regained a position above the $2,000 level.

Cryptocurrencies, Markets, Market Analysis, Ether Price, Ethereum Price

ETH exhibits an ascending triangle breakout

Ether price is up today after the altcoin managed a successful breakout from an ascending triangle pattern. After falling below $2,000 on March 10, Ether formed higher lows, followed by multiple retests at the immediate resistance of $1,950, which was the pattern’s neckline.

A bullish divergence also took shape between the price and relative strength index (RSI), preceding a local bottom at $1,752. Such technical setups indicate that the bullish momentum is taking charge against the bearish trend.

Cryptocurrencies, Markets, Market Analysis, Ether Price, Ethereum Price

With a confirmed bullish breakout taking place from the triangle pattern, the technical targets remain at $2,142, which is roughly 5% from ETH’s current price. However, the 100-day exponential moving average (blue line) is providing resistance at $2,050, which needs to be flipped into support for prices to target $2,142.

Rekt Capital, an anonymous crypto analyst, highlighted that ETH recently tested its multi-year demand zone under the $2,000 level. With respect to a bullish reversal, the trader said,

“If price can generate a strong enough reaction here, then ETH will be able to reclaim the $2196-$3900 Macro Range (black).” #VoteToListOnBinance