TA: Ethereum Could See “Liftoff” if It’s Able to Hold One Crucial Level

Ethereum is consolidating above the $3,320 support against the US Dollar. ETH price must clear $3,450 to start a fresh increase in the near term. Ethereum is holding gains above the $3,320 support zone. The price is now trading above $3,320 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it clears the $3,435 and $3,450 resistance levels. Ethereum Price Eyes More Gains Ethereum started a minor downside correction from the $3,480 zone. ETH declined below the $3,450 and $3,440 support levels. It even spiked below the $3,400 level, but the bulls were active near the $3,335 level. A low was formed near $3,335 and the price is now rising. It surpassed the $3,400 resistance level. There was a move above the 50% Fib retracement level of the recent decline from the $3,482 high to $3,334 low. However, the price is facing resistance near the $3,420 level. It faced sellers above the 61.8% Fib retracement level of the recent decline from the $3,482 high to $3,334 low. There is also a key contracting triangle forming with resistance near $3,415 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next major resistance is near the $3,450 level. Ether price must clear the $3,450 resistance to start a fresh surge. In the stated case, the price could even surpass $3,50...