TA: Ethereum Gearing For Another Lift-Off, Why Rally Isn’t Over Yet

[RSRS]

Ethereum started a fresh increase above the $2,300 resistance against the US Dollar. ETH price is likely to accelerate higher above the $2,400 and $2,500 resistance levels.

Ethereum is showing a lot of positive signs above the $2,250 pivot zone.
The price is now trading above $2,300 and the 100 hourly simple moving average.
There was a break above a major contracting triangle with resistance near $2,330 on the hourly chart of ETH/USD (data feed via Kraken).
The pair seems to be aiming a larger increase above the $2,400 resistance zone in the near term.
Ethereum Price Eyes Fresh Increase
After a minor downside correction, ethereum found support near the $2,150 zone. ETH recovered losses and it later formed a decent support base above the $2,200 zone.

It started a fresh increase above the $2,250 resistance level. There was a clear break above the 76.4% Fib retracement level of the key decline from the $2,388 high to $2,158 low. There was also a break above a major contracting triangle with resistance near $2,330 on the hourly chart of ETH/USD.

Ether is now trading above $2,300 and the 100 hourly simple moving average. It is approaching the last swing high near the $2,388 zone. The first major resistance is near the $2,400 level.



Source: ETHUSD on TradingView.com

A close above the $2,400 level could start a major increase. The next key resistance could be $2,442. It is near the 1.236 Fib extension level of the key decline from the $2,388 high to $2,158 low. Any more gains could lead the price towards the $2,500 level. In the stated case, bitcoin price might also rally above $35,000.

Sourch