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

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 the key decline from the $2,450 swing high to $1,700 low. However, it is still trading below $2,150 and the 100 hourly simple moving average. The first major resistance is near the $2,150 level. The main resistance is now forming near the $2,200 level. It is close to the 61.8% Fib retracement level of the key decline from the $2,450 swing high to $1,700 low. A close above the $2,200 level could open the doors for a decent increase. Sou...