Ethereum (ETH) Price Rally Alongside Bitcoin: More Upsides Likely

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ETH price started a fresh increase and broke the key $265 resistance area against the US Dollar.The price settled above the $265 level and traded close to the $272 level.There was a break above a declining channel with resistance near the $251 level on the hourly chart of ETH/USD (data feed via Kraken).The pair is currently consolidating gains, but it is likely to climb further higher above $275.Ethereum price is gaining bullish momentum versus the US Dollar, similar to bitcoin. ETH is now trading above the $265 resistance and it is likely to continue higher in the near term.Ethereum Price AnalysisAfter testing the $230 support, Ethereum price started a steady rise against the US Dollar. The ETH/USD pair broke many hurdles on the way up, including $245 and $250. There was a close above the $250 resistance and the 100 hourly simple moving average. Recently, bitcoin price started a strong upward move, pushing ETH above the key $265 resistance. It opened the doors for more gains above the $265 and $270 levels.During the rise, there was a break above a declining channel with resistance near the $251 level on the hourly chart of ETH/USD. The pair traded above the $270 level and formed a new weekly high at $272. The price is currently correcting lower and is trading near $268. An initial support is at $266 and the 23.6% Fib retracement level of the recent wave from the $246 low to $272 high. However, the main support is now at $265 (the previous resistance area). The next key support could be near the $259-260 zone.It coincides with the 50% Fib retracement level of the recent wave from the $246 low to $272 high. If there are further losses, the price could find support near the $252 level and the 100 hourly SMA. On the upside, an initial resistance is near the $272 level, above which the price may perhaps rally above the $275 level. The main resistance is near the $280 level, followed by the $300 handle.Looking at the chart, Ethereum price is clearly trading nicely above the $265 pivot level. As long as there is no close below the $258 level, there are chances of a fresh increase. A clear break above the $272 level will most likely open the doors for a sharp rise above the $275 and $280 levels in the coming sessions.ETH Technical IndicatorsHourly MACD The MACD for ETH/USD is placed heavily in the bullish zone, with positive signs.Hourly RSI The RSI for ETH/USD is currently correcting lower from the overbought levels towards the 60 level.Major Support Level – $260Major Resistance Level – $272

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