ETHUSD Long-term Trend – Bearish
Distribution territories: $800.00, $900.00, $1,000.00.
Accumulation territories: $400.00, $300.00, $200.00.
Since May 6, Ethereum has been significantly falling against the US dollar. Its market price went up a bit to break the distribution territory of $800.00, but soon started heading southward to the accumulation territory of $500.00 on May 28. On May 29, the bulls regained a hold of the market by pushing harder against the bears.
Hence, the market trend is now currently seen price northward against the 13-day SMA, below the distribution territory of $600.00. The 13-day SMA has gone over the 50-day SMA.
The stochastic oscillators have crossed and are now pointing northward. All these suggest that the bearish trend will soon come to an end. Ethereum may still witness a small decline, but not for long. The bulls are expected to make a better push against the bears’ strength. Investors can probably take a note of entering the market while reversing from a bearish move. Both swing and position traders can look out for a strong upward movement to join the trend with the practice of proper financial management.
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