TA: Ethereum Looks Ready For Another Leg Higher Over $3,200

Ethereum gained bullish momentum and cleared the $3,100 resistance against the US Dollar. ETH price could accelerate further if it clears the $3,200 resistance. Ethereum started a major increase and even settled above the $3,000 level. The price is now trading above $3,100 and the 100 hourly simple moving average. There was a break above a couple of short-term bearish trend lines at $3,000 and $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now facing hurdle near $3,200, above which it could accelerate further higher. Ethereum Price Eyes More Gains Ethereum gained pace and was able to settle above the key $3,000 resistance zone. ETH remained in a positive zone above the $3,050 level and the 100 hourly simple moving average. During the increase, there was a break above a couple of short-term bearish trend lines at $3,000 and $3,080 on the hourly chart of ETH/USD. The pair even broke the $3,120 resistance level and traded to a new yearly high at $3,190. Ether price is now consolidating gains below the $3,190 level. There was a minor decline below the 23.6% Fib retracement level of the recent rally from the $2,950 swing low to $3,190 high. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $3,160 level and a connecting bearish trend line on the same chart. A clear move above the $3,160 resistance could spark another increase. The next major hurdle is near the $3,200 level...