TA: Ethereum Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

Ethereum gained bullish momentum for a move above $1,625 against the US Dollar. ETH is now showing positive signs and might soon test the $1,700 zone. Ethereum is up close to 5% and there was a clear move above the $1,625 resistance. The price is now trading above $1,600 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $1,580 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it stays above $1,600 or $1,580. Ethereum Price Beats Bitcoin Ethereum started a steady increase from the $1,535 support zone. ETH was able to clear the key $1,600 resistance and the 100 hourly simple moving average to move into a positive zone, unlike bitcoin. The bulls were able to push the price above the $1,625 resistance. It gained nearly 5% and there was a test of the $1,675 zone. A high was formed at $1,675 and there was a minor downside correction. The price dipped below the $1,650 level. Ether price declined below the 23.6% Fib retracement level of the recent increase from the $1,535 swing low to $1,675 high. It is now trading above $1,600 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,580 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,650 level. The next major resistance is now forming near the $1,675 level. Source: ETHUSD on TradingView.com A clear mo...