ETHEREUM PRICE ANALYSIS & PREDICTION (May 9) – ETH Flips $2k Following a 20% Surge in a Day, Will This Level Hold?

After two weeks of consolidation, ETH resurged and exploded massively to a two-month high yesterday. While that marked its biggest buying volatile period since the recovery started, it currently appears bullish.Following last month’s bounce, which came as a surprise after tanking to the lowest level in a year, Ethereum recovered nicely and reclaimed the $1,800 level. Unfortunately, the buying pressure dropped, and the crypto remained calm with little-to-no movement throughout the month.Crossing over into this month on a weak note, it attempted a break above the mentioned level, but failed and continued to consolidate on a daily scale. As several top altcoins recovered from their recent lows due to a major surge in Bitcoin’s price, it joined the momentum and rallied hard into the $2,200 range with a bullish engulfing close yesterday.That has triggered a slight break above the descending trendline, acting as diagonal resistance since last December. Reiterating positive actions today, it seems ready to claim more highs on the daily timeframe.Looking at the daily chart, ETH will likely face tougher obstacles on the way up. If it manages to climb above the $4,000 level, we can expect a major rally in the long term. Losing control to the bulls, the bears are currently in disbelief at the latest surge.ETH’s Key Level To WatchSource: TradingviewNow that volatility is back in the market, the $2,320 level is considered a close obstacle for the bulls. If they flip through along with the March’s $2,550 resistance, their next target buying level would be $2,745.A drop from the current trading level may bring a retest at the falling resistance line, marked at the $2,104 level. Failure to rebound may bring us back to $1,873. There’s also support at $1,690 in case of more drops.Key Resistance Levels: $2,320, $2,550, $2,745Key Support Levels: $2,104, $1,873, $1,690Spot Price: $2,238Trend: BullishVolatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!