Ethereum Price Analysis: ETH/USD drifts towards the lower boundary of the recent consolidation range

• ETH/USD is moving inside a wide range with a bearish bias.
• The critical support is created by the lowest level since May 11.

Ethereum (ETH) is changing hands at $206.50. The coin has recovered from the intraday low of $203.74; however, it is still 1.5% lower from the start of the day. ETH/USD has been moving in sync with the market that experienced a sharp sell-off on Wednesday, following the information that someone moved BTC mined in the first months of its existence. Ethereum’s daily trading volume has exceeded $12 billion, while its total market value reached $23.0 billion. 

ETH/USD: Technical picture

On the intraday charts, ETH/USD is now supported by 1-hour SMA200 at $205.00, followed by the intraday low of $203.74. If this area is cleared, the sell-off may be extended towards a psychological $200.00. The next critical support is created by $190.00 with daily SMA100 located on approach. 

A sustainable move below this area will open up the way towards $186.00 (a confluence of daily SMA50 and the lower line of the daily Bollinger Band). ETH/USD bottomed at $176.19 on May 11, this level is likely to serve as a backstop in case of an extended sell-off. A downward-looking RSI on a daily chart implies that ETH may continue drifting lower within the current range.

ETH/USD daily chart

On the upside, the Asian high ($211.53) creates the initial resistance reinforced by a combination of 1-hour SMA50 and SMA100. This barrier that separates the price from the extended recovery towards of $215.00-$216.00 area that served as an upper boundary of Wednesday’s consolidation channel.  The next resistance comes at $220.00

ETH/USD 1-hour chart

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