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Ethereum price analysis: ETH/USD stuck in a tight range as momentum is fading away

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Ethereum is moving in lockstep with the rest cryptocurrency market, that is showing signs of recovery after initial sell-off. The global regulators are sending harsh messages as they are determined to clamp down on using crypto co carry out illegal activities.

While these measures are regarded as negative in the short-term, the market will eventually benefit from tighter regulation as it will make it safer, less volatile, and less prone to scams.

Ethereum technical picture

Ethereum price is moving within the tight range limited by $890.00 (long-term downside trendline) on the upside and $856.00 (50% Fibonacci retracement) on the downside. The coin has recovered from the intraday low reached at  $845.76, though the upside momentum is not strong enough to take it above the said resistance zone.

ETH/USD, daily chart

ETH/USD, daily chart

Source: www.fxstreet.com