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  • ETH/USD has been range-bound with bullish bias in recent days.
  • The local resistance is created by daily SMA200.

ETH/USD recovered from the intraday low of $168.42 and settled at $173.40. The coin has gained 1.1% in the recent 24 hours as the upside momentum has resumed after a short-term consolidation period. The second-largest digital asset has a market value of $19 billion, while an average daily trading volume has exceeded $14 billion. 

At the time of writing, slightly over 22% of Ethereum addresses are in the money, which is less than on Wednesday. A cluster of 2 million ETH addresses has its breakeven point in the range from $185.00 to $201.00, which means that the upside may be limited is traders seek to opt out. The number of large transactions and their volume decreased.

ETH/USD: Technical picture

ETH/USD has found support created by a 1-hour SMA50 on approach to $170.00. It is reinforced by the short-term upside trend line. If it is broken, the sell-off may continue towards the intraday low of $168,48 and the lower line of 1-hour Bollinger Band at $167.90. This area is likely to slow down the retreat; however, if the price moves below this barrier the sell-off may continue towards 1-hour SMA100 at $161.70 followed by critical barrier of $150.00. The intraday RSI is ready to enter an overbought territory  though there are no clear signals of reversal as of yet.

ETH/USD 1-hour chart

On the daily chart, ETH/USD is trying to settle above the important barrier created by daily SMA200 at $172.40. Once it is out of the way, the recovery will gain traction with the next focus on daily SMA50 at $176.60 and psychological $180.00. This area may slow down the ETH bulls; however, if it is cleared, $200.00 will quickly come into focus.

ETH/USD daily chart