ETHUSD Long-term Trend – Ranging
Distribution territories: $300, $400, $500.
Accumulation territories: $150, $100, $50.
Over the past few days, Ethereum’s price has been maintaining a price range around the $200 territory, without having a lot of volatility to it.
The crypto’s traders weren’t able to push its price over said territory over the past week which as result has seen its price trade along the 14-day SMA. The 50-day SMA is currently above the 14-day SMA, and there’s only a small space between then.
The Stochastic Oscillators are moving in a consolidation mode around range 40. This means traders shouldn’t enter positions on ETH at least for a while. The $200 territory seems to be a major point that needs to be broken is the cypto’s price is to head south. If it’s broken, ETH’s price may hit a $100 low.
A strong price reversal over the $200 line could see the cryptocurrency move to the next distribution territory at $300, or even above it.
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