ETHUSD Long-term Trend: Bearish
Distribution territories: $700.00, $800.00, $900.00.
Accumulation territories: $500.00, $400.00, $300.00.
Price has been under pressures as yet there are no any significant highs. The digital currency against the US dollar has also been traded below distribution territory at $700.00 some days in the past. This could further suggest that bearish movement is still in focus. Each of the two moving averages 13 and 50 points southwards.
Stochastic Oscillator has been sloping donwards (southwards). A slight upward movement could as well be experienced and should this happen, a reversal could be expected which might eventually indicate a resumption of a bullish movement as once experienced some weeks ago.
The southward trend on ETHUSD is expected to continue as long as there is a possibility of price action to form a reversal after an upward spike in the current market movement which could occur from the immediate distribution territory of $800.00. And this temporary spike could later lead to a southward movement towards accumulation territories of $500.00, $400.00; and extending to $300.00.
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