Ethereum Price Analysis: ETH/USD consolidates gains before another bullish move

Ethereum may be vulnerable to the downside correction.
The long-term trend remains bullish as long as the price is above $300.00.

Tanya Abrosimova Independent Analyst

Ethereum, the second-largest digital asset, hit the new high at $329.21 during early Asian hours and retreated to $322.25 by press time. The coin has gained over 3% in the recent 24 hours and over 30% on a week-on-week basis.

ETH/USD: Technical picture

On the intraday charts, ETH/USD is supported by the upward-looking middle line of the 1-hour Bollinger Band $316.50. If this barrier gives way, the sell-off may be extended towards a 50-hour SMA at $306.50 and a psychological $300.00. The intraday RSI is flat in a neutral position, which means the price may stay range-bound for some time before the growth is resumed. The short-term trend remains bullish as long as the price stays above $300.00.

ETH/USD 1-hour chart

On the daily charts, ETH/USD stays well above the upper line of the Bollinger Band at $310.00. This technical level serves as local support. If it is broken, the sell-off may be extended towards the above-said middle line of the 1-hour Bollinger Band. The RSI on the daily chart stays flat on the overbought territory, which means the price is vulnerable to the downside correction at least inside the daily BB.

On the upside, once the price is above the recent high of $329.21, we are mostly on uncharted territory with the next potential resistance as high as $350.00.