TA: Ethereum Just Reversed and $3,700 is Imminent, Here’s Why

Ethereum gained pace and surpassed the $3,500 level against the US Dollar. ETH price is trading in a positive zone and it could rise further towards $3,700. Ethereum started a fresh increase above the $3,500 resistance level. The price is now trading above $3,400 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $3,450 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise as long as it is above the $3,400 support zone in the near term. Ethereum Price Extends Rally Ethereum started a steady increase above the $3,350 resistance zone. ETH was able to climb above the $3,450 level and the 100 hourly simple moving average. The price even cleared the $3,500 zone. A high is formed near $3,539 and it is now correcting gains. Ether corrected lower below the $3,500 level. It is now trading near the 23.6% Fib retracement level of the recent increase from the $3,275 swing low to $3,339 high. It is now consolidating near the $3,480 zone. There is also a key bullish trend line forming with support near $3,450 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,540 level. Source: ETHUSD on TradingView.com The next major resistance is near the $3,550 level, above which the price might accelerate towards $3,700. Any more gains could set the pace for a larger increase towards t...