Ethereum Price Analysis: ETH/USD struggles to stay above short-term bullish trendline

• ETH/USD settled above the upside trendline at $154.50.
• The recovery attempts are capped by daily SMA50.

At the time of writing, Ethereum (ETH) is changing hands at $158.70. The coin has gained 2.3% in the recent 24 hours and 1.5% since the beginning of Tuesday. The second-largest coin with the current market value of $17.5 billion has recovered from Monday’s low $149.84, however, the further upside seems to be limited by daily SMA50. 

ETH/USD: Technical picture

On a daily chart, ETH/USD is still supported by the upside-looking trend line (currently at $154.50). If this line is broken, the sell-off will gather pace with the next focus on psychological $150.00 and the recent low of $149.84.  The next strong support is created by the previous week’s low $140.80 and $130.00. However, considering flat RSI on the daily chart, the sharp sell-off looks unlikely at this stage. The coin may continue moving within a tight range limited by the above-said trend line on the downside and daily SMA50 ($165.50) on the upside.

Once$165.50  is cleared, psychological $170.00 will come into focus. The next barrier is created by SMA200 at $172.20. This barrier stopped the recovery in the beginning of April. A sustainable move higher will attract new buyers and allow for a stronger recovery towards $180.00 and daily SMA100 at $182.60.

ETH/USD daily chart