TA: Ethereum Breaks Key Hurdle, Why There Could Be a Strong Rally
Ethereum is gaining pace above the $3,950 zone against the US Dollar. ETH price is showing positive signs and the bulls might aim a larger increase above $4,100
Ethereum started a fresh increase and even climbed above the $4,000 resistance zone.
The price is trading above $4,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $3,960 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher above the $4,050 and $4,080 resistance levels.
Ethereum started a steady recovery wave above the $3,850 and $3,880 resistance levels. ETH even climbed above the $4,000 level and the 100 hourly simple moving average.
During the increase, the price cleared the 76.4% % Fib retracement level of the downward move from the $4,035 swing high to $3,750 low. Besides, there was a break above a major bearish trend line with resistance near $3,960 on the hourly chart of ETH/USD.
The pair is now trading near the $4,035 swing high. It is trading above $4,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $4,050 level. The next major resistance is near the $4,100 level. It is near the 1.236 Fib extension level of the downward move from the $4,035 swing high to $3,750 low.
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