ETHUSD Long-term Trend: Bearish

Distribution territories: $800.00, $900.00, $1000.00.

Accumulation territories: $600.00, $500.00, $400.0.

Ethereum has been in a bearish movement for few days. The market was a bit above the distribution territory of $700.00 some days back.  And it made a reversal back toward the south. The 13-moving average has crossed the 50-moving average from the top. The stochastic oscillator is still around the oversold territory and this could still continue for more days to come. The current bearish trend could continue if the market fails to break the next distribution territory of $900.00 and keep the upward movement above the distribution territory of $900.00 strongly for sometime.

Ethereum, ETHUSD, CryptoCompare chart

In that order, the price movement could break the next distribution territory of $1000.00 and therefore extends price towards the territory $1100.00. In the long term, the market is expected to make a good reversal formation if the market fails to continue its present trend downwards. Should the market get to the accumulation territory of $1000.00, investors can be on the lookout for entering a long position.