ETHUSD Long-term Trend – Bearish
Distribution territories: $900.00, $1,000.00, $1,100.00.
Accumulation territories: $400.00, $300.00, $200.00.
This week, Ethereum saw its price declined from over $700.00 to little under $600.00. The market was initially trading around the 13-day SMA and, later on, fell and breached past both the 50-day SMA and the accumulation territory of $600.00. Over the week, the bulls suffered as the bears have been having taking control of the market. The 13-day SMA is still above the 50-day SMA.
The Stochastic Oscillators have moved past the range of 20 in the oversold zone. This portends the substantial end of the current downward trend. The pair can still possibly various decline movements in the following week.
As this opinion may come true, it can be the right time for the bulls to pull up strength against the bears. Investors are expected to join the market’s presumed upward move, or they can join the market if an upward breakout of the distribution territory of $700.00 occurs. Traders can always look out for decent reversal from bearish moves to join the bulls and apply trailing stop loss with the practice of good financial rules.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
