Ethereum (ETH) unstoppable, breaks above SMA200 weekly

The second largest coin by market value has gained over 8% in recent 24 hours, surpassed  SMA50 weekly for the first time since June 2018 and hit $234.62 during Asian hours on Wednesday. The coin is changing hands at $233.60 at the time of writing.

Looking technically, ETH/USD is vulnerable to the short-term downside correction as the Relative Strength Index is deeply overbought on all intraday timeframe. However, the indicators show no signs of reversal as of yet, which means that the upside potential is not exhausted. 

The local support level is created by psychological $230.00. Once it is cleared, the sell-off is likely to gain traction with the next focus on $215.00 (middle line if 1-hour Bollinger Band). A sustainable move below this handle may increase the downside pressure and push the price towards $200 with SMA50 1-hour located on approach.

On the upside, we are in uncharted territory. Keep an eye at $240 as this barrier may slow down the growth and trigger some profit-taking. The even stronger psychological barrier is created by $250.00.