ETH/USD locked in a range, bullish trend still in place

  • ETH/USD is range-bound amid growing market uncertainty.
  • The critical resistance areas are created bu $220.00 and $222.00.

Ethereum (ETH) is changing hands at $213.20, mostly unchanged both on a day-to-day basis and since the beginning of the day. The coin has retreated from the intraday high of $215.53, but further downside seems to be limited so far. Ethereum’s daily trading volume has exceeded $12 billion, while its total market value reached $23.6 billion. 

ETH/USD: Technical picture

On the intraday charts, ETH/USD hit the recent low at $191.57 on May 11 and has been climbing higher ever since. The initial support is created by the middle line of the 4-hour Bollinger Band at $210.00. It is followed by $206.50 (the upside-looking trend line that goes from the above-said low). A sustainable move below this area will darken the short-term technical picture and allow for an extended move towards $202.00 (a combination of 4-hour SMA50 and SMA100) and $200.00.

On the upside, the Asian high ($215.53) creates the initial resistance that separates the price from the stronger psychological barrier of $220.00 reinforced by the upper line of the 4-hour Bollinger Band.

A flat RSI on the intraday chart signals that the market is gripped by uncertainty and the price may spend some time in a tight range. 

ETH/USD 4-hour chart

On a daily chart, ETH/USD has created two doji candles, which support the range-bound scenario. The upper line of the Bollinger Band at $222.50 may limit the recovery and serve as a upper boundary of the consolidation range. Once it is out of the way, the upside is likely to gain traction with the next focus on $227.36, which is the highest level since April 30.

ETH/USD daily chart