TA: Ethereum Rockets to $1,700 as Bulls Take Over Crypto Market

Ethereum gained pace above the $1,600 resistance against the US Dollar. ETH is showing positive signs and might even clear the $1,700 resistance. Ethereum started a major increase and settled above the $1,600 level. The price is now trading above $1,650 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear $1,700 to continue higher towards $1,735 in the near term. Ethereum Price Gains Momentum Ethereum formed a base and started a major increase above $1,600. ETH was able to clear the key $1,620 resistance zone and the 100 hourly simple moving average. There was a clear move above the 76.4% Fib retracement level of the main decline from the $1,685 swing high to $1,490 low. Besides, there was a break above a key bearish trend line with resistance near $1,655 on the hourly chart of ETH/USD. Ether price is now trading above $1,650 and the 100 hourly simple moving average. It is also testing the $1,700 resistance zone. If the bulls remain in action, there could be more upsides above $1,700. An immediate resistance on the upside is near the $1,735 level. It is near the 1.236 Fib extension level of the main decline from the $1,685 swing high to $1,490 low. Source: ETHUSD on TradingView.com The next major resistance is near the $1,775 level. Any more gains may perhaps open the doors for a move tow...