TA: Ethereum Could Rally If It Clears This Key Breakout Zone

Ethereum dived towards $1,000 before it found support against the US Dollar. ETH is now correcting higher and facing a key hurdle near USD 1,125. Ethereum extended decline towards $1,000 before it found support. The price is now trading above $1,080 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it clears the $1,125 resistance zone. Ethereum Price Finds Support Ethereum remained in a bearish zone below the $1,100 support zone. ETH extended decline below the $1,050 and $1,040 levels. However, the bulls appeared above the $1,000 support zone. A low was formed near $1,014 and the price started a fresh increase. The bulls gained strength for a move above the $1,050 and $1,060 resistance levels. Ether price climbed above the 23.6% Fib retracement level of the downward move from the $1,275 swing high to $1,014 low. Besides, there was a break above a key bearish trend line with resistance near $1,100 on the hourly chart of ETH/USD. Ether price is now trading above $1,080 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,125 level. The first major resistance is near the $1,145 zone. It is near the 50% Fib retracement level of the downward move from the $1,275 swing high to $1,014 low. A clear move above the $1,145 level could send ...