ETHUSD Long-term Trend – Bearish
Distribution territories: $600.00, $650.00, $700.00.
Accumulation territories: $350.00, $300.00, $250.00.
Ethereum surged against the US dollar last week. The week before, cryptocurrency lost a significant portion of its value. Later on, it started moving in a range movement between July 11 and 14.
The bears initially trying to push the crypto’s price past a previous low that was reached on June 28. The bulls tried be in charge of the market’s movements, which led to a spike on July 15, as the market was driven upward to touch the 50-day SMA on July 17.
There seem to be strong distribution territories above the immediate distribution territory of $500.00. The 50-day SMA is located at about the same price the distribution territory of $500.00 is at. It’s also above the 14-day SMA. The Stochastic Oscillators have moved north a bit above range 60.
This means a bearish trend can still be expected. The accumulation territory of $400.00 is a strong support point that the bears won’t be able to easily breach. That being said, the price may still fall more before the bulls take over. Traders can still look for supports to enter long positions.
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