TA: Ethereum Eyes Key Upside Break, Why Bulls Remain In Control

Ethereum is trading in a bullish zone above $4,200 against the US Dollar. ETH could start another increase if it clears $4,350 and $4,400 in the near term. Ethereum is holding gains above the $4,100 and $4,200 support levels. The price is now trading above $4,200 and the 100 hourly simple moving average. There is a major contracting triangle forming with support near $4,220 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally if it clears the $4,400 resistance in the near term. Ethereum Price Remains Supported Ethereum formed a base above the $4,120 and $4,100 support levels. ETH started a fresh increase above the $4,200 resistance zone and the 100 hourly simple moving average. The price even climbed above $4,300, but it is facing resistance near $4,400. A high is formed near $4,380 and the price is now correcting gains. There was a break below the $4,350 level. Ether traded below the 23.6% Fib retracement level of the upward move from the $4,152 swing low to $4,380 high. It is now holding gains above the $4,200 level and the 100 hourly SMA. There is also a major contracting triangle forming with support near $4,220 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $4,350 level and the contracting triangle on the same chart. The next major resistance is near the $4,400 level. A break above the $4,400 level may possibly push t...