ETH/USD settles above $170.00, upside is limited

• A move above $173.70 is needed to improve the picture.
• The significant support is created on approach to 168.55.

The second-largest cryptocurrency with the current market capitalization of $18.1 has been range-bound during early Asian hours. Ethereum has lost nearly 1% in recent 24 hours to trade at $170.70 at the time of writing. The coin is moving in lockstep with Bitcoin and other major altcoins amid low trading activity and decreasing volatility. 

Ethereum’s technical picture

Looking technically, ETH/USD has retreated from the recent high of $173.70, which bodes ill for short-term ETH bulls. However, the coin managed to settle above $170.00. This area creates an initial support fro ETH. Once it is out of the way, the sell-off may be extended towards $168.55 (the lower line of 4-hour Bollinger Band) and $164.50  (the lower line of 1-day Bollinger Band). 

On the upside, We will need to see a sustainable move above $173.00 handle and the recent high of $173.70 for the upside to gain traction. The next barrier awaits ETH bulls on approach to $177.70 (SMA50 (Simple Moving Average) 4-hour).

ETH/USD, 4-hour chart