TA: Ethereum Prints Bullish Technical Pattern, Why It Could Rally Past $385

There was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD (data feed via Kraken). Ethereum Price is Gaining Traction Ethereum started a decent upward move after it formed a strong support base above the $365 level.

Ether price surpassed the 50% Fib retracement level of the downward move from the $385 swing high to $365 swing low. Source: ETHUSD on TradingView.com The price is also trading above the 76.4% Fib retracement level of the downward move from the $385 swing high to $365 swing low.

Timeline of Ethereum