ETHUSD Long-term Trend – Bullish

  • Distribution territories: $200, $220, $240
  • Accumulation territories: $90, $70, $50

Ethereum’s uptrend has been continuing in the first trading sessions this year. The cryptocurrency has been able to maintain its upward price movements above the trend lines of both its SMAs.

Ethereum, ETHUSD, Cryptocompare chartEthereum Chart by TradingView

The cryptocurrency’s price has been closing in on the $160 mark, which has previously been tested on December 24. The most recent low ETH has hit was around the $80 mark. The 14-day SMA has recently surpassed the 50-day SMA

The Stochastic Oscillators have briefly entered the overbought zone, and are pointing north. Ethereum’s price appears to be consolidating above both its SMAs. The critical zone between $120 and $100 is one to pay attention to in case the market’s trend reverses. If it’s broken down, it could lead to new lows.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.