TA: Ethereum Gains Traction, A Strengthening Case For More Gains

Ethereum gained over 5% and broke the $3,250 resistance against the US Dollar. ETH price is rising and could accelerate higher above $3,350. Ethereum started a strong increase above the $3,150 resistance. The price is now trading above $3,250 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD (data feed via Kraken). The pair is consolidating near $3,300 and might extend rally in the near term. Ethereum Price Eyes More Upsides Ethereum formed a base above the $3,050 support zone. ETH started another increase and cleared the $3,150 resistance. There was also a clear move above the $3,250 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at $3,340 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the recent wave from the $3,130 swing low to $3,340 high. Besides, there is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,350 level. Source: ETHUSD on TradingView.com The next major resistance is near the $3,400 level. Ether price could start another surge if there is a clear move above the $3,400 resistance. In the stated case, the price may perhaps test the $3,500 level. Any more gains might call for a move towards the $3,620 resistance zone in the...