Ethereum (ETH) reverse losses, what could spark rally to $3,500

  • Ethereum started a fresh increase above the $3,120 and $3,200 resistance levels.
  • The price is now trading above $3,150 and the 100 hourly simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate higher if there is a clear break above $3,260.

Ethereum remained well bid above the $2,950 support zone, similar to bitcoin near $44,000. ETH price formed a base above $2,950 and it started a fresh increase.

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