Ethereum Price Update: ETH/USD takes a step closer to $250.00

Ethereum (ETH) is changing hands at $243.90,  mostly unchanged both on a day-to-day basis and since the beginning of Monday. The second-largest digital asset has recovered above the short-term channel resistance $24.00, however, the further upside has stalled above $243.00. Ethereum's market value is registered at $27 billion, while its average daily trading volume is $7.4 billion. 

ETH/USD: Technical picture

On the intraday chart, ETH/USD broke free from a narrow range limited by $241.50 on the downside and $243.50 on the upside with the bullish momentum gaining traction.  A sustainable move above $245.00 will improve the short-term technical picture and bring $250.00 into focus. While this psychological barrier may slow down the short-term bulls, the long-term picture remains positive and implies that the coin may re-test $500 sooner rather than later.  As we have previously reported, the much-anticipated Ethereum 2.0 launch is viewed as revolutionary for the network. Any developments in that direction will serve as a bullish catalyst for the coin.

ETH/USD 1-hour chart

The initial support is created by the above-mentioned $240.00. If it is broken, the sell-off may be extended towards $233.00. This support is created by a combination of daily SMA50 and the middle line of the daily Bollinger Band. This area is likely to slow down the bears and serve as a starting point for another upside wave. ETH/USD has been moving along the upside-looking daily SMA since the beginning of May.

ETH/USD daily chart