- ETH/USD bulls managed to push the above $225 resistance.
- Strong resistance is created by $230-$235 area.
Ethereum, the second-largest cryptocurrency with the current market capitalization of $24.2 billion, settled above $225.00; however, the further recovery is limited. ETH/USD is moving in lockstep with Bitcoin (BTC) and the rest of the cryptocurrency market influenced mostly by technical and speculative factors. Ethereum has stayed mostly unchanged both on a day-on-day basis and since the beginning of Monday By the time of writing, the coin is changing hands at $226.50.
Ethereum’s technical picture
On the intraday timeframe, ETH/USD is supported by SMA50 (Simple Moving Average) coupled with the middle line of Bollinger Bands on 4-hour chart currently at $224.46. Once it is cleared, the sell-off may gain traction with the next focus on $216.70 (the lower boundary of the above-said Bollinger Band).
Meanwhile, next bearish aim comes a psychological $200 followed by $186-$185.50 support area created by a confluence os SMA200 and the lower line of Bollinger Bands on a daily chart.
On the upside, a recovery is capped by the lower line of the previously broken channel at $230. This barrier is closely followed by SMA100 (Simple Moving Average) on a 1-day chart at $236.00. Once it is out of the way, the upside is likely to continue towards on psychological $250.00, followed by ac confluence of the middle line of 1-day Bollinger Band and SMA100 4-hour at $257.00; however, and ultimate resistance comes at $278 with SMA200 3-hour and the upper boundary of the above-said channel making it a hard nut to crack.