Ethereum price analysis: U-turn from here?

  • ETH reaches a point of U-turn.
  • Stuck in a narrow range in the short term.

Ethereum, the second largest cryptocurrency by market capitalisation retraces a bit after it reached a critical resistance on the short term chart and may take a U-turn from here to the downside, where again it finds a support in the short term.

ETH/USD is down 0.2 percent on day at $227.29 just around the high of the day. On the 120-minute chart, ETH clawed back some of its gains after it reached a resistance in the form of a descending trendline and now stares at downside of about 5-10 percent in the immediate term.

Next critical supports for the crypto are now placed around $215 and $200.

ETH/USD 120-minute chart:

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