Ethereum Price Surges Above $1,200, Poised for Bullish Momentum

• Ethereum (ETH) has seen an increase in price above $1,200 against the US Dollar.
• There is a connecting bullish trend line forming with support near $1,200 on the hourly chart of ETH/USD.
• Ethereum could gain bullish momentum if there is a clear move above the $1,250 resistance level.

The cryptocurrency market has been seeing a resurgence of late, with Ethereum (ETH) being one of the major beneficiaries. The second-largest digital asset by market capitalization has seen its price increase above the $1,200 level against the US Dollar over the past few days.

The bulls have been active and defended heavy losses below the $1,180 level. This has enabled ETH to start a decent increase above the $1,220 level, similar to that of Bitcoin. A low was formed near the $1,204 mark and the price has subsequently climbed above the $1,220 level. The price even climbed above the $1,230 level and is currently showing a lot of positive signs.

Looking at the hourly chart of ETH/USD, it is evident that there is a connecting bullish trend line forming with support near $1,200. This trend line support has been in play since the start of the recent increase. The pair is currently consolidating above the 23.6% Fib retracement level of the recent wave from the $1,204 swing low to $1,233 high.

If Ethereum manages to clear the $1,250 resistance level, it could open the doors for a fresh increase. The next major resistance is near the $1,265 level, above which the bulls are likely to aim a test of the $1,300 resistance level.

On the downside, the trend line support near $1,200 is likely to provide a strong buying opportunity. If the bears gain strength, the price might break the trend line support and move back into a bearish zone. The main support is near the $1,180 level, below which the bears are likely to aim a test of the $1,150 level.

Overall, Ethereum is showing a lot of positive signs above the $1,220 level. If ETH climbs above the $1,250 and $1,265 resistance levels, it could start a fresh bull run. Conversely, a break below the trend line support near $1,200 may open the doors for more losses.