Ethereum Price Analysis: ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD has been range-bound in recent days.
The local resistance is created by the upper line of the 1-hour Bollinger Band.

Tanya Abrosimova Independent Analyst

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility.

On-chain data implies more sell-off

Only 6% of ETH addresses are in the money at the current price, according to the on-chain statistics provided by Intotheblock. Meanwhile, over 3 million of addresses keep Ethereum coins that were purchased by the price higher than $132.00. A large amount of Ethereum tokens were purchased at a price above $200. Also, if the price rises above $250.00 over the halve of the addresses will return into the green zone.

Intotheblock experts noted the decrease of large transactions which is considered a bad signal as bearish sentiments will dominate the market in the nearest future.

ETH/USD: Technical picture

On the intraday level ETH/USD is jammed in a tight range. The initial resistance is created by the upper line of the 1-hour Bollinger Band at $134.40. Once it is out of the way, the upside is likely to gain traction with the next focus on $135.00, followed by psychological $140.00 and March 27 high at $142.00.

On the downside, the initial support is created by a combination of SMA100 1-hour and the lower line of 1-hour Bollinger Band located at $131.50. This area served as channel support in the recent hours. If it is broken, the sell-off may be extended towards psychological $130.00, followed by March 29 low at $124.00.