Ethereum Price Analysis: ETH/USD ready to resume the recovery once $222.50 is cleared

Ethereum (ETH) is changing hands at $214.20, mostly unchanged since the beginning of the day. The coin has recovered from the intraday low of $209.22, but further upside seems to be limited so far. Ethereum’s daily trading volume has exceeded $14.5 billion, while its total market value reached $29 billion. 

ETH/USD: Technical picture

On the intraday charts, the 1-hour SMA50 serves as initial support for ETH/USD. The price recovered from this MA during early Asian hours and moved above the middle line of the 1-hour Bollinger Band.  The second-largest digital asset is moving within a short-term bullish trend in sync with the market. 

An upside-looking RSI signals that the bullish sentiment may increase in the nearest future and help the price to reach the above-said short-term target. 

On the downside, the initial support is created by the 1-hour SMA50 at $211.00. If it is broken, the sell-off may continue towards $205.50 (1-hour SMA100) and the psychological level of $200.00, with the1-hour SMA200 located below this area. 

ETH/USD 1-hour chart

However, the local resistance created by the previous recovery high at $215.50 prevents the coin from an extended upside movement towards $217.00 and $220.00. The vital resistance comes at $222.50. It is created by a combination of the broken trendline and the upper line of the daily Bollinger Band. A sustainable move above this area will signal the return of the upside momentum.

ETH/USD daily chart