TA: Ethereum Breaks Barrier, A Strengthening Case for More Upsides

Ethereum started a decent increase above the $2,600 resistance against the US Dollar. ETH price is gaining pace and could even rally above the $2,720 zone. Ethereum formed a base above $2,500 and started a fresh increase above $2,600. The price is now trading above $2,600 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate higher above the $2,720 and $2,750 levels in the near term. Ethereum Price Gains Pace Ethereum remained well bid above the $2,450 level. ETH stared a decent increase and formed a base above the $2,500 level. There was a break above the $2,550 resistance zone and $2,580. There was also a break above a major bearish trend line with resistance near $2,580 on the hourly chart of ETH/USD. Ether price settled above the $2,600 level and the 100 hourly simple moving average. The bulls pushed the price above $2,700 and a high is formed near $2,728. The price is now consolidating gains near the $2,700 level. It is also trading well above the 23.6% Fib retracement level of the upward move from the $2,445 swing low to $2,728 high. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $2,725 zone. The first major resistance is seen near the $2,750 level. The next major resistance might be near the $2,800 level, above which the price could accele...