ETHUSD Long-term Trend – Bearish
Distribution territories: $600.00, $700.00, $800.00.
Accumulation territories: $400.00, $300.00, $200.00.
Unlike last week, ETH/USD value this week maintained its increase on Wednesday and consolidated it on Thursday the 12th. Quite a significant lower high has been witnessed, and the bearish outlook has yet not been convincingly outdone as far as long-term trend is concerned. At present, the price has moved northward and has been trading at around the distribution territory of $500.00.
The 50-day moving average is above the 13-day moving average as price action shows that bulls are now trying to spring back into action. Stochastic oscillators have crossed and moved above 50 range as they are now pointing northward at an area not yet too far away from the oversold zone. Investors, potentially, can witness pit stops in the current significant price hike between the distribution territory of $500.00 and $600.00. At this point, should the bulls take action and give up way back to a strong pullback, then the bears could again play back into action that can last for only a few weeks.
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