ETHUSD Long-term Trend – Ranging
Distribution territories: $160, $180, $200
Accumulation territories: $60, $40, $20
Ethereum’s value has been dropping against the US dollar, while its price has been ranging between $100 and $80 since December 7. The cryptocurrency ecosystem has been becoming duller over the weak forces of the two major market movers, the bears and the bulls.
In the past few weeks, Ethereum’s price has been falling and as a result went below the trend line of its 14-day SMA. The last time the two SMAs were close to each other was back in November 15, as since then the 50-day SMA has been above the 14-day SMA.
The Stochastic Oscillators are seemingly moving southwards into the oversold zone. Ethereum’s price hasn’t been able to withstand the selling pressure it has been under in the last few trading sessions. The 14-day SMA’s trend line is an important indicator as it may suggest the potential emergence of a bullish trend if broken northwards.
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