Ethereum Price Pumps and Looks Ready For Another Leg Higher Over $1,400

Ethereum spiked lower after the US CPI release against the US Dollar. ETH dived to $1,200 before it started a sharp increase and surpassed $1,300. Ethereum trimmed all losses and climbed back above the $1,300 resistance zone. The price is now trading above $1,300 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,290 on the hourly chart of ETH/USD (data feed via Kraken). The pair seems to be eyeing a steady increase above the $1,350 resistance zone. Ethereum Price Jumps Over 5% Ethereum faced a sharp decline after the US CPI data was released, similar to bitcoin price. ETH dropped below the $1,250 support level. It even spiked below the $1,200 level before the bulls emerged. A low was formed near $1,188 and the price started a strong increase. There was over 5% rally above the $1,250 resistance zone. Ether price broke the 61.8% Fib retracement level of the downward move from the $1,306 swing high to $1,188 low. Besides, there was a break above a major bearish trend line with resistance near $1,290 on the hourly chart of ETH/USD. The pair is now trading above $1,300 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,335 level. It is near the 1.236 Fib extension level of the downward move from the $1,306 swing high to $1,188 low. The first major resistance is near the $1,350 level. A clear upside break above the $1,350 r...