Looking at the hourly chart, the low price yesterday stalled near its rising 200 hour moving average (green line). That gave the buyers the go-ahead to push higher.
In trading today, the price first pushed above the 100 hour moving average at $1912.68 currently. After a correction lower back to the 100 hour moving average, the price has since risen over the last five trading hours to the current high price of $1935.21.
Holding both the 200 hour moving average and the 100 hour moving average makes those levels the risk/bias defining levels now. The 100 hour moving average comes in at $1912.68. The 200 hour moving averages at $1905.10. Admittedly, the price has traded above and below both those moving averages since breaking back below on February 24, but the price action today is telling in that buyers leaned and seem ready to push higher.
Of course that storyline can change as well but for now as long as the price remains above, there is room to roam to the upside.
Last week, the spike high reached $1974.40. That was the highest level going back to September 2020.