Why Graph candlestick Limited Above $2.2K, After $2K Mark?

hourly chart of ETH/USD, a breach over a strong negative trend line with support near $2,000 was also seen.

13-May-2022 By: Simran Mishra

In terms of the US Dollar, Ethereum found support at around $1,700. ETH began a rally and broke through the critical $2,000 barrier level.

Above the $1,900 and $2,000 marks, Ethereum began a decent comeback surge.
The price remains under $2,150 and the hourly simple moving average of 100.
On the hourly chart of ETH/USD, there was a breakthrough over a key negative line graph with support near $2,000 (data feed via Kraken).
If the pair clears $2,150 and $2,200 in the near term, it could accelerate higher.

Ethereum surpasses the $2,000 mark

Ethereum's declines continued just below the critical $2,000 resistance level. Before the bulls took a position around the $1,700 mark, ETH smashed the $1,800 mark.

Near $1,700, a bottom was made, and the price began to rise again. The $1,800 and $1,900 barrier levels were clearly broken. On the hourly chart of ETH/USD, a breach over a strong negative trend line with support near $2,000 was also seen.

The price of Ether is currently slightly above the 50% Fib retracement level of the crucial slide from the $2,450 swing high to the $1,700 low. Though, It remains, under $2,150 and the 100 hourly simple moving average.

The $2,150 mark is the first big barrier. The biggest resistance is currently emerging near $2,200. It's around the 61.8 per cent Fib retracement level of the crucial slide from the swing record of $2,450 to the low of $1,700. Closing above $2,200 might pave the way for a significant gain.

In this scenario, the price of ether could soar to the $2,400 support level. A possible intermediate level of resistance is at $2,350.

Is there a new ETH drop?

If Ethereum fails to break through the $2,200 level, it may resume its downward trend. On the downturn, $2,000 serves as a basic resistance level.

The next significant support level is $1,870. A closure under $1,870 might relaunch the decline. In the above scenario, the price might drop to around $1,700. In the short term, strong support might be seen at $1,620 and $1,600.

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