TA: Ethereum Gearing For Another Lift-Off: Recovery Isn’t Over Yet

Ethereum is showing positive signs above the $1,100 zone against the US Dollar. ETH could rise further above the $1,170 resistance zone. Ethereum gained strength for a move above the $1,100 and $1,120 levels. The price is now trading above $1,120 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a move above the $1,170 resistance zone. Ethereum Price Remains Supported Ethereum made another attempt to clear the $1,165 and $1,170 resistance levels. However, the bears were active near the $1,170 level. The recent high was formed near $1,169 before there was a downside correction. The price traded below the $1,150 and $1,130 support levels. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high. However, the bulls seem to be active near the $1,120 support zone. It also found support near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high. Ether is now trading above $1,120 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,150 level. Source: ETHUSD on TradingView.com The next major resistance is near the $1,170 zone, above which the...