- ETH/USD locked in a range as $250.00 limits the recovery.
- The nearest local support is seen at $231.40.
Ethereum (ETH) has recovered from June, 10 low to trade at $247.80 by the time of writing. The second largest cryptocurrency with the current market capitalization of $26.1 billion has gained about 1% in recent 24 hours and stayed mostly unchanged since the beginning of Tuesday. An average daily trading volume for ETH is registered at $7.5 billion, which is roughly in line with long-term figures.
Looking technically, ETH/USD has been locked in a tight range since June 4 as the market has entered a consolidation phase after a strong sell-off at the beginning of the month.
At this stage, ETH/USD recovery is capped by a psychological $250, followed by the middle line of 1-day Bollinger Band at $254.00. Once it is cleared, the upside is likely to gain traction with the next focus on $268 (the upper boundary of 1-week Bollinger Band) and $277.00 (the upper limit of 1-day Bollinger Band). Then bulls will have to face a strong barrier on approach to $300.00.
The next local support is created by $231.40 (the lower boundary of 1-day Bollinger Band) followed by psychological $230.00. Once it is cleared, the sell-off is likely to extend towards $226.47 (the recent low). A sustainable move below this handle will trigger more selling and push the price down to $217 (SMA50 – Simple Moving Average, daily chart) and psychological $200.00.