ETHUSD Long-term Trend – Ranging
- Distribution territories: $140, $160, $180
- Accumulation territories: $80, $60, $40
This week, Ethereum’s price has seen its SMA indicators cross, while it kept on featuring lower lows. After a long consolidating session, the cryptocurrency has now formed defined zones for its current trading range.
Currently, the price is consolidating between the $120 and $100 territories, as the 50-day SMA is close to the $120 mark while the 14-day SMA is beneath it. The Stochastic Oscillators are consolidating within the oversold zone, showing the bears’ strong presence in the market.
Ethereum is now close to the $100 mark, and as the bulls are currently looking weak the bears may push its price down further. Traders are advised to wait for a strong movement to allow them to have a decent entry point.
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