TA: Ethereum is Showing Early Signs of Fresh Rally, But 100 SMA is the Key

Ethereum started a fresh increase above the $3,750 level against the US Dollar. ETH price is now struggling to gain pace above the $3,850 zone. Ethereum started a steady increase above the $3,700 zone and $3,750. The price is trading above $3,750 and the 100 hourly simple moving average. There is a key bullish trend lien forming with support near $3,780 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the 100 hourly SMA to avoid a fresh decline in the near term. Ethereum Price Starts Decent Increase Ethereum formed a base above $3,600 and started a fresh increase. ETH was able to climb above the $3,750 resistance zone to move into a positive zone. There was a clear move above the $3,800 level and the 100 hourly simple moving average. A new weekly high was formed near $3,854 and the price is now consolidating gains. There was a minor decline below the $3,840 and $3,820 levels. The price traded below the 23.6% Fib retracement level of the recent increase from the $3,622 swing low to $3,854 high. It is now trading near $3,800 and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $3,820 level. The next major resistance is near the $3,850 level. A clear upside break above the $3,850 level could pump the price towards $4,000. Any more gains could send the price towards the $4,120 level. The main resistance is near the $4,200 level....