TA: Ethereum is Showing Early Signs of Fresh Rally, But $4,100 is the Key

Ethereum is gaining pace above the $4,000 zone against the US Dollar. ETH price is showing positive signs, but it must clear $4,100 for a strong upward move. Ethereum started a fresh increase and surpassed the $4,000 resistance zone. The price is trading above $4,020 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $4,020 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear $4,100 to accelerate higher in the near term. Ethereum Price Extends Recovery Ethereum started a steady increase above the $3,950 and $3,980 resistance levels. ETH even climbed above the $4,020 level and the 100 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $4,020 on the hourly chart of ETH/USD. The pair traded as high as $4,075 and is currently consolidating gains above the 23.6% Fib retracement level of the recent increase from the $3,750 swing low to $4,075 high. It is still trading above $4,020 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $4,020 on the same chart. An immediate resistance on the upside is near the $4,080 level. The next major resistance is near the $4,100 level. Source: ETHUSD on TradingView.com A clear upside break above the $4,100 level could push the price further higher in the near term. The next stop for the bulls could...