ETHUSD Long-term Trend – Bearish
Distribution territories: $900.00, $1,000.00, $1,100.00.
Accumulation territories: $500.00, $400.00, $300.00.
ETHUSD has been able to reach the distribution territory of $800.00, which it managed to do thanks to April 12, a date in which it witnessed a major bullish candle.
Since May 6, the bears have been having a slightly stronger case against the bulls. At press time, the market value is between the distribution territory of $800.00 and accumulation territory of $600.00. The 50-day SMA is a bit far below the 13-day SMA.
The pair has been trading below the 13-day SMA, with the 50-day SMA is strongly pointing northward. The Stochastic Oscillators have crossed and moved below the 80 range. All these indicate that the bearish trend will be short-lived.
However, some indicators still suggest that the bulls are currently gathering catalysts to boost their upward movements. Bears may still have the potential to push the market down towards the accumulation territory of $500.00, but may not be able to do so for long.
Investors are advised to look out for any possible reversal from the current trend to join the market. Traders can also look out for said reversal and join the market should the distribution territory of $800.00 be decently breached, by entering long trades.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
