- ETH/USD bulls managed to push the price above $220 resistance.
- The barrier at $230.00 needs to be taken out for an extended recovery.
Ethereum, the second-largest cryptocurrency with the current market capitalization of $24.0 billion, has settled at $229.00 after an unsuccessful attempt to break $231.00 barrier. The coin has gained nearly 4% in recent 24 hours and 2.8% since the beginning of the day.
Ethereum’s technical picture
On the intraday timeframe, ETH/USD is initially supported by $222.00. This barrier is created by a confluence of the middle line of 1-hour Bollinger Band and SMA50 (Simple Moving Average) 1-hour. It is closely followed by $220 (the middle line of 4-hour Bollinger Band) and $219.10 (SMA100 1-hour). Once this support area is cleared, the sell-off is likely to gain traction with the next focus on $215.00 (the lower line of 1-hour Bollinger Band coupled with SMA200 1-hour).
On the upside, the local resistance is created by psychological $230.00 and followed by the recent high of $231.03. This resistance zone is likely to limit the recovery for the time being. However, once it is out of the way, the momentum is likely to gain traction with the next focus on $243.00 (SMA100, daily chart).