Is Ethereum Staging a Short-Term Rally - Price Analysis.
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2022-05-13 | Selina Mathew
In terms of the US Dollar, Ethereum found support at about $1,700. ETH began a rally and broke through the critical $2,000 barrier zone.
Above the $1,900 and $2,000 marks, Ethereum began a decent comeback wave.
The price remains below $2,150 and the hourly simple moving average of 100.
On the hourly chart of ETH/USD, there was a break over a key negative trend line with resistance above $2,000 (data feed via Kraken).
If the pair clears $2,150 and $2,200 in the short future, it might move higher.
The price of Ethereum surpasses $2,000.
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ETH/USD 1 DAY PRICE CHART: - SOURCE - COINMARKETCAP.COM
Ethereum's losses continued below the critical $2,000 support level. Before the bulls established a position at the $1,700 level, 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 resistance levels were clearly broken. On the hourly chart of ETH/USD, a break over a strong negative trend line with resistance 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. It remains, however, below $2,150 and the 100 hourly simple moving average.
The $2,150 level is the first big obstacle. The biggest resistance is currently developing at $2,200. It's around the 61.8 percent Fib retracement level of the crucial slide from the swing high of $2,450 to the low of $1,700. A closing over $2,200 might pave the way for a significant gain.
Is there a new ETH drop?
If ethereum fails to break through the $2,200 resistance, it may resume its downward trend. On the downside, $2,000 serves as a first support level.
The next significant support level is at $1,870. A closure below $1,870 might relaunch the decline. In the above scenario, the price might drop to around $1,700.
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