Ethereum Long-term Price Analysis

Azeez Mustapha
  • The market is now seeing the price showing a strong northward influence.
  • The bulls are expected to make a better push against the bears’ strenght soon.

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.

Ethereum, ETHUSD, Cryptocompare chart

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.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research