TA: Ethereum Regains Strength, Showing Early Signs of Fresh Rally

Ethereum started a fresh increase after it remained stable near $1,000 against the US Dollar. ETH could rise further above the $1,150 resistance zone. Ethereum gained strength for a move above the $1,080 and $1,100 levels. The price is now trading above $1,100 and the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $1,075 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a move above the $1,150 resistance zone. Ethereum Price Gains Pace Ethereum remained stable above the $1,000 support and there was no downside break. As a result, a base was formed and the price started a decent increase. The price was able to clear a couple of key hurdles near the $1,070 zone. There was a break above a key contracting triangle with resistance near $1,075 on the hourly chart of ETH/USD. The price even tested the 61.8% Fib retracement level of the key drop from the $1,235 swing high to $997 low. Ether price traded as high as $1,158 and trading well above the 100 hourly simple moving average. It is also well above the 23.6% Fib retracement level of the recent increase from the $1,025 swing low to $1,158 high. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $1,150 level. The next major resistance is near the $1,180 zone, above which the price may perhaps clear the $1,200 resistance. In the stated case, the...