ETHUSD Long-term Trend – Ranging
- Distribution territories: $160, $180, $200
- Accumulation territories: $80, $60, $40
Ethereum’s price has been moving within a tight range around the $120 mark this week. On February 8 the cryptocurrency spiked and traded close to the 50-day SMAs trend line.
Currently, the cryptocurrency is trading within a small space found between both its SMAs. The 50-day SMA is over the 14-day SMA, and the Stochastic Oscillators have dipped into the overbought zone to seemingly start consolidating within it, close to range 80.
Ethereum’s currently consolidating price isn’t a strong catalyst for a potential breakout to the north, which means we can assume the cryptocurrency will keep on ranging in the next few trading sessions. Traders can suspend orders for now.
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