TA: Ethereum Approaches Next Breakout, Why ETH Might Surge Further

Ethereum is gaining pace above the $3,350 resistance against the US Dollar. ETH price could continue to rise and might even clear the $3,500 level. Ethereum is rising steadily and trading above the $3,350 resistance. The price is now trading above $3,350 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it clears the $3,400 and $3,420 resistance levels. Ethereum Price Targets $3,500 Ethereum formed a base above the $3,120 support zone. ETH started another increase and cleared the $3,250 resistance. There was also a clear move above the $3,350 level and the price settled above the 100 hourly simple moving average. It traded to a new multi-week high at $3,431 and is currently consolidating gains. There was a minor move below the $3,400 level. Ether price declined below the 23.6% Fib retracement level of the recent rise from the $3,130 swing low to $3,431 high. On the upside, an initial resistance is near the $3,400 level. There is also a key contracting triangle forming with resistance near $3,400 on the hourly chart of ETH/USD. The next major resistance is near the $3,420 level. Ether price could start another surge if there is a clear move above the $3,420 resistance. Source: ETHUSD on TradingView.com A close above the $3,420 level might pump the price towards the $3,50...