Ethereum Price Key Indicators Suggest Strengthening Case For Upside Break

Ethereum remained supported above the $1,240 level against the US Dollar. ETH is rising and might soon attempt an upside break above the $1,300 barrier.Ethereum remained well bid above the $1,240 and $1,220 levels.
The price is now trading above $1,260 and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near $1,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase if there is a clear move above the $1