TA: Ethereum Reclaims $2K, Why Upsides Could Be Limited Above $2.2K

May 13, 2022 06:09 am Cryptocurrency 215

Ethereum found support near $1,700 against the US Dollar. ETH started a recovery wave and climbed above the key $2,000 resistance zone.

Ethereum started a decent recovery wave above the $1,900 and $2,000 levels.

The price is still trading below $2,150 and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could accelerate higher if it clears $2,150 and $2,200 in the near term.

Ethereum Price Breaks $2K

Ethereum extended losses below the key $2,000 support zone. ETH even broke the $1,800 level before the bulls took a stand near the $1,700 level.

A low was formed near $1,700 and the price started a fresh increase. There was a clear move above the $1,800 and $1,900 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $2,000 on the hourly chart of ETH/USD.

Ether price is now trading just above the 50% Fib retracement level of ..

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