- ETH/USD has been range-bound above $240.00 handle.
- The Ethereum’s recovery may be limited by $247.00.
After a failed breakthrough attempt, ETH/USD slipped back inside the triangle pattern clearly visible on a 4-hour chart. The second largest digital asset with the current market capitalization of $26 billion is hovering around $244 handle, unchanged both on a day-on-day basis and since the beginning of Friday. The coin remains range-bound, driven mostly by technical factors and speculative sentiments.
Ethereum’s technical picture
While the recover above $240 has improved the short-term picture significantly, the upside is still limited by the upper line of the above-said triangle pattern at $247.00. A sustainable move above this barrier is needed to open up the way towards the next bullish aim of $250.00 with a bunch of technical levels locate don approach including the upper boundary of 1-hour Bollinger Band, SMA100 and SMA50 1-hour.
On the downside, the local support is created by psychological $240.00. Once it is cleared, the sell-off may be extended towards $235.00 (the middle line of both 1-hour and 4-hour Bollinger Bands). Meanwhile, even more critical support awaits us at $232.00 (the lower edge of the triangle pattern). It separates the coin from a more profound decline towards $220 and $218 (SMA100, 4-hour).
ETH/USD, 4-hour chart