Ethereum price analysis: ETH/USD fell back to sleep at $210 even as Coinbase adds support for the first Ethereum-based token

• ETH/USD traders grope for catalysts.
• The key support is produced by $200 handle.

Ethereum, the second largest coin by market value, is changing hands at $210.69, unchanged since this time on Tuesday.  ETH/USD is locked in a narrow range after a volatile start of the week. Ethereum’s current market value is $21.5B, while the average daily trading reduced to $1.4B from Tuesday’s $2B.

What’s going on

US-based cryptocurrency exchange Coinbase added support for 0x Protocol token (ZRX) for retail investors. Earlier this month the company made this ERC-20 token available for its professional platform users Coinbase Pro. ZRX is the first Ethereum-based token listed by the exchange.

However, there are some restrictions as to who can get access to ZRX trading: the United Kingdom and the state of New York citizens won’t be allowed to trade the asset for the time being, which is in line with Coinbase’s new asset listing process. It implies that tokens are to be added on a jurisdiction-by-jurisdiction basis.

“We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see ZRX here), as well as a new section of the Coinbase website to answer common questions about crypto,”   Coinbase Consumer president and general manager Dan Romero wrote in a blog post, following the announcement.
Ethereum’s technical picture

Ethereum’s technical picture

ETH/USD stays above critical $200 handle amid indecision and low trading activity. As seen on the charts, momentum is nowhere to be seen, while the Relative Strength Index (RSI) is located in the middle of the range, which is typical for a directionless market. The upside is limited by $218-$220 congestion zone that includes SMA200 (4-hour chart). Once cleared, the upside may be extended towards $227-$232 resistance zone.

On the downside, the local support is produced by SMA50 (4-hour) at $208.54; a sustainable movement below $200 will trigger more sell-off towards October 11 low of $ 186.

ETH/USD, 4-hour chart