TA: Ethereum Could Stage Strong Rally If It Clears This Key Resistance

Ethereum gained pace above the $3,080 resistance against the US Dollar. ETH price could continue higher if there is a clear move above the $3,150 resistance. Ethereum remained well bid and climbed above the $3,080 and $3,100 levels. The price is now trading above $3,080 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear $3,130 and $3,180 to start another increase in the near term. Ethereum Price Remains Supported Ethereum remained well bid and extended increase above the $3,080 resistance. ETH even broke the $3,130 resistance zone and settled above the 100 hourly simple moving average. It even spiked towards the $3,180 level and traded as high as $3,172. Recently, there was a downside correction below the $3,130 level. Ether price corrected below the 23.6% Fib retracement level of the upward move from the $2,880 swing low to $3,172 high. The price tested the $3,050 support zone and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $3,080 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, an initial resistance is seen near the $3,130 level. The next major resistance is near the $3,170 and $3,180 levels. A close above the $3,180 level might start a strong upward move in the near term. In the stated case, ether might ...