TA: Ethereum Reverse Losses, What Could Spark Rally To $3,500

Ethereum remained well bid above the $2,950 support against the US Dollar. ETH price started a fresh increase and it could even surpass the $3,300 resistance. Ethereum started a fresh increase above the $3,120 and $3,200 resistance levels. The price is now trading above $3,150 and the 100 hourly simple moving average. There was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate higher if there is a clear break above $3,260. Ethereum Price Turns Green Ethereum remained well bid above the $2,950 support zone, similar to bitcoin near $44,000. ETH price formed a base above $2,950 and it started a fresh increase. There was a clear break above the $3,000 and $3,050 resistance levels. The price rallied above the 50% Fib retracement level of the main decline from the $3,335 swing high to $2,950 low. Ether even settled above the $3,150 level and the 100 hourly simple moving average. Besides, there was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD. The pair is now trading above the $3,200 resistance. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $3,245 level. It is near the 76.4% Fib retracement level of the main decline from the $3,335 swing high to $2,950 low. The first key resistance is now forming near the $3,260 level. A break above the $3,2...