Ethereum price analysis: ETH/USD settles above $220, further recovery is limited

ETH/USD bulls managed to push the above $220 resistance.
An ultimate resistance is created by $230-$235 area.

Ethereum, the second-largest cryptocurrency with the current market capitalization of $23.8 billion, settled above $220.00 amid global recovery on the cryptocurrency market. ETH/USD has gained over 4% of its value in recent 24 hours and lost 1.5% since the beginning of Friday. By the time of writing, the coin is changing hands at $222.50.

Ethereum's technical picture

On the daily chart, a recovery is capped by the lower line of the previously broken channel at $230. This barrier is closely followed by SMA100 (Simple Moving Average) on 1-day chart at $234.00. Once it is cleared, the upside is likely to gain traction with the next focus on psychological $250.00; however, even stronger resistance comes at $270 with SMA50 daily and the middle line of 1-day Bollinger Band making it a hard nut to crack.

On the downside, the initial support is created by the middle line of 4-hour Bollinger Band at $214. A sustainable move below this handle will open up the way towards the next bearish aim of $200 and $195 (the lower lim=ne of 4-hour Bollinger Band). The next support awaits at the recent low of $192.00.

ETH/USD 1-day chart

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