ETH/USD stays above $240.00, sets the stage for further recovery.

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  • ETH/USD moved above $240 and improved its technical picture.
  • The next local resistance for ETH comes at $256.

Ethereum (ETH) has recovered from the recent lows to trade at $245.70 by the time of writing. The second largest cryptocurrency with the current market capitalization of
$26.1 billion has gained about 4.5% in recent 24 hours and stayed mostly unchanged since the beginning of Tuesday. An average daily trading volume for ETH is registered at $7.6 billion, which is roughly in line with long-term figures.

Looking technically, ETH/USD is moving inside a tight range created by $240 (SMA200 4-hour (Simple Moving Average) on the downside, and $256.00 (SMA100 4-hour) on the upside. A sustainable move in either direction will create strong momentum and define the coin’s short-term future. 

The next local support is created by psychological $230.00, followed by the recent low of $226.47. Once it is cleared, the sell-off is likely to extend towards $226.47 (the recent low) A sustainable move below this handle may increase the selling pressure and push the price down to $217 (SMA50, daily chart) and psychological $200.00.

On the upside, a sustainable move above $256 will unleash bull’s power and take the price to $277.00 (the upper boundary of 1-day Bollinger Band) Once it is cleared, the upside is likely to gain traction with the next focus on $300.00, not seen since August 2018.

ETH/USD, 4-hour chart

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