Ethereum Chart Update: ETH/USD is fine as long as it stays above daily SMA50

Ethereum (ETH) has been moving inside a range limited by $230.00 on the downside and $240.00 on the upside since Sunday. The coin tested lows at $224/62; however, the sell-off attracted new short-term buyers that pushed the price back above $230.00. At the time of writing, ETH/USD is changing hands at $238.66. The coin has gained 3% since the beginning of the day and stayed unchanged on a day-to-day basis. 

ETH/USD: Technical picture

On the intraday chart, ETH/USD moved above 1-hour SMA50 at $237.00, however, the further upside may be limited by the upper boundary of the short-term consolidation channel at $240.00. This resistance has been verified a couple of times since the start of the day, which means ETH bulls may struggle at this barrier. Once it is out of the way, the upside is likely to gain traction with the next focus on $247.15. This is the recent recovery high that separates the price from psychological $250.00.

ETH/USD 1-hour chart

On the daily chart, ETH/USD may retreat to the middle line of the daily Bollinger Band at $211.00 reinforced by the upside trend line from March 13 low. If this support is broken, the sell-off may be extended towards psychological $200.00 backed by daily SMA50. This area is likely to serve as a backstop for the current downside movement, provided that the general sentiments on the cryptocurrency market stay positive.   

ETH/USD daily chart