TA: Ethereum Breaking This Resistance Could Spark a Significant Surge

Ethereum corrected lower below $3,500 against the US Dollar. ETH price remained supported and it is now eyeing a key upside break above the $3,650 resistance. Ethereum started a fresh increase above the $3,500 resistance level. The price is now trading above $3,550 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum once there is a clear break above $3,640 and $3,650. Ethereum Price Eyes Key Upside Break Ethereum started a downside correction from the $3,634 swing high. ETH traded below the $3,550 support level and the 100 hourly simple moving average. However, the price remained well bid above the $3,350 support. A low was formed near $3,375 and the price started a fresh increase. There was a clear break above the $3,500 and $3,550 resistance levels. Ether surpassed the 50% Fib retracement level of the downward move from the $3,634 swing high to $3,375 low. There was also a break above a key bearish trend line with resistance near $3,560 on the hourly chart of ETH/USD. The pair is now trading above $3,550 and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com It is also well above the 76.4% Fib retracement level of the downward move from the $3,634 swing high to $3,375 low. An immediate resistance on the upside is near the $3,600 level. The first ma...