TA: Ethereum Rallies 8%, Why BTC Could Surge Above $1,300

Ethereum gained pace and cleared the $1,200 zone against the US Dollar. ETH is up 8% and might continue to climb higher towards $1,300 or $1,320. Ethereum extended gains and climbed above the $1,200 resistance zone. The price is now trading above $1,200 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it stays above the key $1,200 support zone. Ethereum Price Gains Momentum Ethereum remained well supported above the $1,120 level. The price started a fresh increase and was able to clear a major hurdle near the $1,150 level. It opened the doors for a sharp increase above the $1,200 level. Ether price even broke the $1,250 level and traded to a new monthly high at $1,276. It is now trading above $1,200 and the 100 hourly simple moving average. The price is testing the 23.6% Fib retracement level of the recent increase from the $1,162 swing low to $1,276 high. There is also a crucial bullish trend line forming with support near $1,210 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,275 level. Source: ETHUSD on TradingView.com The next major resistance is near the $1,320 zone, above which the price may perhaps gain strength. In the stated case, the price could rise towards the $1,350 resistance. If the bulls remain in action, the price might cl...