ETHUSD Long-term Trend – Bearish
Distribution territories: $600, $650, $700.
Accumulation territories: $350, $300, $250.
Ethereum lost a considerable amount of value against the US dollar last week. The cryptocurrency, in its first trading day, got weakened to a bit above the accumulation territory of $450 and the bears took that advantage of it to push the market southwards toward another accumulation territory of $400.
The bulls weren’t able to stop the bears, as the cryptocurrency was pushed down to reach a low it had been at on June 29. Currently, it’s been trading a bit above the $400 mark. The 14-day SMA has been briefly separated southward underneath the 50-day SMA.
The two SMAs are above the price. Stochastic Oscillators have dipped into the oversold zone, but have only now got below range 20, which shows the bears are likely getting weaker. Nevertheless, Ethereum’s price is expected to keep declining in the next few days.
The bulls will have to bring back a bullish trend, by braking through the distribution territory of $450 and stay above it for a long time. Traders may consider taking long positions with proper fund management.
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