Ethereum Price Analysis: ETH/USD bulls push the price above $233.00, next target at $245.70

Ethereum (ETH), the second-largest digital asset with the current market value of $25.5 billion resumed the recovery and surpassed $233.00 barrier. At the time of writing, ETH/USD is changing hands at $0.233.38 amid growing bullish momentum. ETH/USD has gained over 3.6% on a day-to-day basis moving in sync with the market.

ETH/USD: Technical picture

On the intraday level, ETH/USD hit the barrier created by the upper line of 1-hour Bollinger Band at $233.50. Once it is out of the way, the upside is likely to gain traction with the next focus on $234.70, which is the highest level since March 3. This resistance level separates the coin from psychological $235.00 and the next important hurdle created by SMA200 4-hour at $236.60. This level also marks the upper boundary of the recent consolidation channel. A sustainable move higher will open op the way to $240.00 and $245.70 (SMA100 4-hour).

On the downside, the initial support is created by $230.00. A move below this level will worsen the short-term technical picture and bring new sellers to the market. The next downside target comes at $226.00. It is created by a confluence of SMA50 4-hour and the middle line of 4-hour Bollinger Band. Once it is cleared, psychological $220.00 will come to the fore, followed by February 27 low of $210.00.

ETH/USD 4-hour chart