Ethereum price analysis: ETH/USD locked in a tight range; Chinese president cheers blockchain technology, but not cryptocurrency

• ETH/USD recovery momentum has faded away on approach to $600 handle.
• The Chinese leader is positive about  blockchain  technology.

Ethereum is changing hands at $570, idling away in a narrow range limited by $553 and $580. The second largest coin gained 1.5% since this time yesterday amid slightly decreasing trading volumes.

Looking technically, ETH/USD $600 is a strong resistance where fresh selling interest is clustered. Once it is broken, Ethereum will bump into  another obstacle, created by  100-DMA currently at $626 50-DMA at $644, and 23.6% Fibo at $652. Meanwhile,the  downside potential is currently limited by $500 support with further bearish aims at  $400 and $362 (April 2 low).  

Chinese President  Xi Jinping  welcomed  blockchain  technology, saying that it underpins  “breakthrough” applications.

“A new generation of technology represented by artificial intelligence, quantum information, mobile communications, internet of things and blockchain is accelerating breakthrough applications,” he said Monday, as quoted by CNBC.  

China, just as many other countries, sees the potential in blockchain, but denies the  usefulness of cryptocurrencies.

ETH/USD, the hourly chart