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  • ETH/USD retreated from the intraday high amid technical correction.
  • The Ethereum’s recovery may be extended to $300.00.

ETH/USD retreated from the intraday high of $272 to trade at $269.22 by the time of writing. The second largest digital asset with the current market capitalization of $28.5 billion and an average daily trading volume over $10 billion has gained 8% in recent 24 hours moving in sync with the rest of the market.  

Ethereum’s technical picture

On the intraday charts, ETH/USD is hovering above the top line of 4-hour Bollinger Band. Once the price returns within the Band, the downside correction may gain traction with the next focus on psychological $250.00. This barrier is strengthened by the confluence of technical indicators, including SMA50 4-hour and the middle line of the above-said Bollinger Band. Once it is cleared, the sell-off is likely to continue with the next aim at $240 (the lower edge of the 4-hour Bollinger Band), closely followed by $236 (the rising trendline).

On the upside, we will need to see a sustainable move above $270 and $272 (the recent high) this handle will open up the way towards the next bullish aim of $280 (the current high reached on May 16). The ultimate resistance is created by psychological $300. Last time ETH/USD traded above this handle int the end of August 2018.

ETH/USD, 4-hour chart