Ethereum Price Analysis: ETH/USD resumes the recovery, $210.00 within reach

ETH/USD resumed the recovery after a short-lived sell-off during early Asian hours.
A move above $210.00 will return the price inside the previous range.

Tanya Abrosimova Independent Analyst

The second-largest digital asset hit the intraday low of $204.64 and resumed the recovery to trade at $207.80 at the time of writing. The coin stayed mostly unchanged since the beginning of the day and regain 1.7% of its value since this time on Friday. At the time of writing, the second-largest digital asset is trading with the short-term bullish bias amid expanding volatility.

ETH/USD: Technical picture

On the intraday chart, ETH managed to recover above 1-hour SMA100. This development is a positive technical signal. provided that the move is sustainable and we see a follow-through towards at least $210.00, which is reinforced by the upper line of the 1-hour Bollinger Band. Once this resistance area is out of the way, the upside is likely to gain traction with the next focus on $215.00 that served as an upper boundary of the consolidation channel that dominated in the beginning of the week.

Considering an upward-looking RSI on intraday charts, the coin may continue moving upwards in the nearest hours.

ETH/USD 1-hour chart

On the downside, the initial support is created by 1-hour SMA50 at $206.40. If it is broken, the sell-off may be extended towards $203.00 (1-hour SMA200) and psychological $200.00. A drop below $200.00 will worsen the technical picture and bring the bears back to the market. They will target at the recent low of $191.49 and the daily SMA100 below $190.00.