TA: Ethereum Price Eyes Fresh Surge, 100 SMA Holds The Key

Ethereum recovered losses and climbed above the $1,320 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350. Ethereum found support near the $1,250 level and recovered losses. The price is now trading above $1,300 and the 100 hourly simple moving average. There is a short-term contracting triangle forming with support at $1,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone. Ethereum Price Remains Strong Ethereum found support near the $1,250 level after a strong decline. ETH traded as low as $1,253 and started a fresh increase. There was a steady increase and the price was able to clear the $1,300 resistance. The bulls were active above the $1,300 level. There was a clear move above the 50% Fib retracement level of the downward move from the $1,399 swing high to $1,253 low. The price is now trading above $1,320 and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with support at $1,340 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,350 and $1,355 levels. The next major resistance is near $1,365 level. It is near the 76.4% Fib retracement level of the downward move from the $1,399 swing high to $1,253 low. A clear break above $1,365 might start a decent increase towards the $1,400 level. Sour...