ETHUSD Long-term Trend – Bearish
Distribution territories: $500.00, $600.00, $700.00.
Accumulation territories: $300.00, $200.00, $100.00.
ETHUSD pair continues to trend southward. It has been doing so for the past several weeks. Price previously rose between the distribution territories of $500.00 and $600.00 between March 18 and March 22 and started to decline in a consecutive order since Monday, March 26, while price firstly made a move from a seemingly ranging movement on Sunday. Currently the price has moved deeply southward and it has been trading below the accumulation territory of $400.00.
The two moving average 13 and moving average 50 are above the price action with a wide space between. The stochastic oscillator has crossed into the oversold zone and yet pointing southward. Nevertheless, the current price move could break the next accumulation territory of $300.00 and form a trading range towards another accumulation territory of $200.00 and manage to pull back, which could as a result suggest a start of a bullish signal, and a potential markup in price is in store in the next few weeks.
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