Why ETH Could Rally To New ATH

Ethereum is up over 10% and it broke the $1,250 resistance against the US Dollar. ETH price is trading above $1,300 and it is likely to accelerate further higher in the near term.

• Ethereum is gaining momentum above the $1,250 and $1,280 resistance levels.
• The price is showing positive signs above $1,300 and the 100 hourly simple moving average.
• There was a break above a major contracting triangle with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could dip a few points, but the overall structure suggests more gains above $1,350.

Ethereum Price is Surging

In the past 2-3 sessions, Ethereum started a strong increase above the $1,200 zone, and it outperformed bitcoin. ETH price broke many important barriers near $1,245 and $1,250 to move further into a bullish zone.

The bulls gained strength, resulting in a rally above the $1,280 resistance. To start the rally, there was a break above a major contracting triangle with resistance near $1,245…