ETHUSD Long-term Trend – Bearish
Distribution territories: $800.00, $900.00, $1,000.00.
Accumulation territories: $300.00, $200.00, $100.00.
Ethereum was having a rough experience last week as the crypto asset lost a significant amount of value. Initially the crypto asset was in a ranging move. On June 10, the bears were able to determine the market movement by pushing it further southward to eye the accumulation territory of $400.00.
The bulls are fighting against the current bearish trend in order not to allow the bears to succeed in driving the market past its current low. The 50-day SMA is above the 13-day SMA. The chart is forming lower lows below the trend-line of the 13-day SMA. The Stochastic Oscillators have only touched range 20, and are now pointing northwards.
The bearish trend may still keep going south to retest the accumulation territory of $400.00. The bulls won’t have it easy when it comes the time to determine the market’s direction. The assertion on this market, is that traders can wait and allow the formation of a bullish Japanese candlestick go long. Traders taking short positions should exercise proper money management.
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