TA: Ethereum Rallies 10%: Why More Gains Seem Possible

Ethereum started a steady increase above the $2,650 resistance against the US Dollar. ETH price could rise further if there is a clear move above the $2,800 level. Ethereum gained pace above the $2,600 and $2,650 resistance levels. The price is still trading above $2,650 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,580 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend increase if it surpasses the $2,800 resistance zone. Ethereum Price Gains Momentum Ethereum remained well bid near the $2,500 level. As a result, ETH started a steady increase above the $2,600 resistance zone, similar to bitcoin. The bulls pumped the price above the $2,650 barrier and the 100 hourly simple moving average. The upward move was such that the price even moved above the $2,700 level. A high is formed near $2,766 and ether price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $2,478 swing low to $2,766 high. Besides, there is a major bullish trend line forming with support near $2,580 on the hourly chart of ETH/USD. The pair is also trading above $2,650 and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $2,780 level. The first major resistance is near the $2,800 level. A clear move above the $2,800 resistance might push the pri...