- ETH/USD has been range-bound on Wednesday.
- The daily RSI implies that the market has tilted to the bearish side.
ETH/USD is changing hands at $233.00. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday amid slow trading activity after a volatile start of the week. ETH/USD hit the intraday low at $232.12. The current high is registered at $235.73. Despite the recovery, ETH is trading within a short-term bearish trend amid high volatility. Currently, Ethereum’s market value is registered at $26.0 billion, while an average daily trading volume is $7.3 billion, which is more that $1 billion lower from this time on Tuesday.
ETH/USD: Technical picture
On a daily chart, ETH/USD is locked in a tight range in the lower part of the Bollinger Band. The upper line of the BB at $238.00 serves as a local resistance that separates the coin from an extended recovery towards the critical barrier of $240.00. A sustainable move above this area is still needed for the upside to gain traction with the next focus on the recent recovery high above $254.00.
However, considering that the daily RSI has reversed to the downside, the bulls may have a hard time pushing their agenda.
On the downside, the initial support is created by $230.00. It is closely followed by the lower line of the above-said Bollinber Band at $224.00 and psychological $220.00. Once it is broken, the sell-off will be extended to the daily SM50 at $218.60 and potentially to the critical barrier of $200.00. This support is likely to slow down the bears, and create a precondition for a rebound. If it is sustainably broken, the critical resistance created by a combination of daily SMA100 and SMA200 at $185.00 will come into view.