TA: Ethereum (ETH) Gearing For Another Lift-Off, 100 SMA Is The Key

Ethereum started a fresh increase above the $3,000 resistance against the US Dollar. ETH price is now consolidating gains and it could surge further above $3,200. Ethereum found support near $2,900 and it started a fresh increase. The price is now trading above $3,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,980 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to resume its rally once it clears the $3,200 and $3,300 resistance levels. Ethereum Price Eyes More Upsides Ethereum started a minor downside correction below the $3,000 support. However, ETH price remained well bid near the $2,900 level and the 100 hourly simple moving average. A low was formed near $2,891 and the price started a fresh increase, similar to bitcoin. Ether was able to climb back above the $3,000 and $3,050 resistance levels. There was a break above a key bearish trend line with resistance near $2,980 on the hourly chart of ETH/USD. The pair even cleared the $3,150 level, but it is again struggling to clear the $3,200 resistance zone. A high is formed near $3,191 and the price is now consolidating gains. There was a break below the 23.6% Fib retracement level of the recent wave from the $2,891 swing low to $3,191 high. Ether tested the $3,050 support, where the bulls appeared. The 50% Fib retracement level of the recent wave from the $2,891 swing low to $3,1...