ETHUSD Long-term Trend – Bearish
Distribution territories: $800.00, $900.00, $1,000.00.
Accumulation territories: $400.00, $300.00, $200.00.
On April 24, ETHUSD rose significantly, but slumped the following day to touch the $600.00 accumulation. The price is now fluctuating between the acumulation territory at $600.00 and the distribution territory at $700.00. The lower highs are having upper hands over the lower lows. The price action has moved above the two Simple Moving Averages 13 and 50.
The Simple Moving Average 13 has crossed the 50 one and the Stochastic Oscillators have moved into the overbought zone. These are indications that the bears are becoming weaker against the bulls. There are strong buy walls between the current vantage point and the distribution territory of $800.00. Currently, like many other cryptocurrencies, the sentiment is that Ethereum needs some catalyst to break out the $700.00 distribution territory. Investors are advised to take a precautionary mindset against a short entry.
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