ETHUSD Long-term Trend – Bearish
Distribution territories: $650.00, $750.00, $850.00.
Accumulation territories: $350.00, $250.00, $150.00.
The US dollar, paired with Ethereum, experienced a significant decline last week. In other words, the cryptocurrency gained significantly against the US dollar. ETH started rising in value on June 29. The cryptocurrency continued rising until July 2 but begun a ranging movement from July 3 to 6.
Yesterday, July 7, it kept on rising as the bears are gradually losing strength. The 14-day SMA is below the 50-day SMA. The Stochastic Oscillators have moved upward past range 40., and now point northward.
This suggests that there’s still a strong buying opportunity in the present market. There have been many strong opinions surrounding an upward push for the cryptocurrency. It now seems to be mustering up the strength to manage such a push.
Similarly, the bears can potentially drive the market back. The assertion at this point is that long entries can be taken if the price makes a significant reversal. Traders should always practice proper fund 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.
