TA: Why Ethereum Could Rally Further Above $3K

Ethereum found a strong support near the $2,300 zone against the US Dollar. ETH price is rising and might rally if it clears the $2,750 resistance zone. Ethereum started a major increase above the $2,750 resistance zone. The price is now trading above $2,900 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $2,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rally further above $3,000 if there is no downside break below $2,850. Ethereum Price Remains Supported Ethereum started a major increase above the $2,750 and $2,850 resistance levels. ETH even cleared the $2,880 resistance level and the 100 hourly simple moving average to move into a positive zone. Finally, there was a move above the $3,000 level. A high was formed near $3,042 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent wave from the $2,559 swing low to $3,042 high. There is also a major bullish trend line forming with support near $2,960 on the hourly chart of ETH/USD. On the upside, ether price is facing resistance near the $3,020 level. Source: ETHUSD on TradingView.com The first major resistance is seen near the $3,040 and $3,050 levels. A clear move above the $3,050 level might open the doors for more gains. In the stated case, the price may possibly rise towards the $3,120 level. The next major resistance is now near the...