Ethereum Price Analysis: ETH/USD settles above daily SMA50

ETH/USD is changing hands at $227.50. The coin has stayed mostly unchanged since the start of the day and gained 1.3% on a day-to-day basis. Ethereum is the second-largest digital asset has the current market value of $25.2 billion and an average daily trading volume of $6.4 billion. ETH/USD tested the high of $249.26 before another bullish wave on the cryptocurrency market pushed it back towards the lower boundary of the recent consolidation channel. The coin hit the low of $216.37 on June 27 and recovered towards $227.50 by the time of writing. The coin has been moving in sync with the market.

ETH/USD: Technical picture

ETH/USD recovered above the daily SMA50 (currently at $225.00). The move has improved the technical picture, however, a sustainable move above $230.00 is needed for the upside to gain traction. Once it is out of the way, the recovery may proceed to $232.00 (the middle line of the daily Bollinger Band) and towards $240.00. This barrier is reinforced by the upper line of the daily Bollinger Band. From the long-term perspective. $250.00  is a key barrier thatserved as an upper boundary of the previous consolidation channel that limited the recovery in the beginning of June.

On the downside, the local support is created by the above-mentioned daily SMA50. Then comes psychological $220.00 and the lowest level of the previous week at $216.37. If the price moves below this area, $200.00 will come into view; however the sustainable decline below this level looks unlikely at this stage.

ETH/USD daily chart