ETHUSD Long-term Trend: Bearish
Distribution territories: $800.00, $900.00, $1000.00.
Accumulation territories: $500.00, $400.00, $300.00.
Ethereum against US dollar still runs in a bearish outlook trend as it did not make a new high with no any corrective price action over last week. The market has been under a selling pressure as the pair has not been able to make a reasonable upward movement above the moving average 13 and moving average 50. Stochastic oscillator is still found crossed and dipping more downward in the oversold zone.
This suggests that there is still more downward movement in action as the price has never been seen forming a notable reversal in the past few weeks that the bear has had an advantage. A breakout below the immediate accumulation territory of $500.00 could extensively see the price fall further; reaching accumulation territory of $400.00 and below. The market has continued trending in a bearish outlook; it could also signify a signal for investor to keep a bearish bias on in the long term.
