ETHUSD Long-term Trend – Bearish
Distribution territories: $700.00, $800.00, $900.00.
Accumulation territories: $400.00, $300.00, $200.00.
Ethereum, like many other cryptocurrencies, managed to rally against the US dollar over a week ago. The spike that occurred in price on April 12 has led the pair to witness more notable lower highs than lower lows, as the bulls have been making a series of rebounds from the past few weeks’ selling pressure.
The simple moving average 13 is below the bullish candlestick that formed on April 12, as it has not been able to cross the simple moving average 50 from below. The simple moving average 50 maintains its position above the ETHUSD market value. The stochastic oscillators have managed to move into the overbought zone with fresh handles. The price is currently trading towards the $600.00 distribution territory and a strong breakout of the territory could lead to a great substantial increase in the market price northward, up to the next immediate distribution territory of $700.00 and above. Traders can join the trend by entering long positions but, on the other hand, if the price pulls back strongly, it then indicates that the bears are trying to play back into the market.
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