TA: Ethereum Gearing For Another Lift-Off to $3.5K: Rally Isn’t Over Yet

Ethereum climbed to a new weekly high above $3,250 against the US Dollar. ETH price is correcting gains, but it might find support near $3,150. Ethereum started a downside correction after it spiked above the $3,250 level. The price is still trading above $3,150 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $3,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above $3,150 and $3,100 to start another increase in the near term. Ethereum Price Eyes More Upsides Ethereum remained strong and extended increase above the $3,200 level. ETH even climbed above the $3,250 level and settled well above the 100 hourly simple moving average. A high was formed near the $3,272 and the price is now correcting gains. It is trading below the $3,200 support level. Ether corrected lower below the 23.6% Fib retracement level of the recent increase from the $3,028 swing low to $3,272 high. However, the price is still trading above $3,150 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $3,150 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $3,220 level. The first major resistance is near the $3,220 level. A successful close above $3,250 might start another increase. In the stated case, the price could surpass the $3,280 and $3,300 level...