Ethereum Price Analysis: ETH/USD consolidates losses, bulls wait for the chance to retake $130.00

Spot rate: $128.77

Relative change: -2.88

Percentage change: -2.2%

Trend: Bullish bias

Volatility: low

Ethereum, the second-largest digital asset with the current market value of $14.1 billion, came close to a critical $125.00 before recovering to t$128.75 by press time. The coin has been range-bound during the day after a sell-off late on Friday. 

ETH/USD: Technical picture

One-hour RSI is currently flat, which means that the coin may continue trading inside the range in the nearest future. The initial resistance is created by psychological $130.00 with the middle line of 1-hour Bollinger Band located above this area. Once it is cleared, the upside may gain traction with the next focus on $134.00. This resistance is created by a confluence pf SMA200 and SMA50 on a 1-hour chart. The next barrier awaits ETH bulls at $135.65 ( SMA100 1-hour). 

On the downside, the first support is created by the recent low of $125.00. If it is broken, the lower line of 1-hour Bollinger Band at $123.50 will come into focus. A move below will open up the way towards psychological $120.00

ETH/USD 1-hour chart