ETHUSD Long-term Trend – Ranging
- Distribution territories: $180, $200, $220
- Accumulation territories: $100, $80, $60
Ethereum’s price has recently entered a range after seeing a notable uptrend between February 17 and 18. The cryptocurrency has been hovering around the $140 mark.
The cryptocurrency is seemingly seeing the same price action it saw between January 3 and 9. The 14-day SMA has surpassed the 50-day SMA, while the price line is still above both. The Stochastic Oscillators are consolidating within the overbought zone, which indicates the bulls’ pressure hasn’t been weakened.
ETH’s price has been rebounding through a gradual process, and to maintain its current movement it needs to gain momentum between the $140 and $120 marks. Traders are advised to wait for a proper buying set up.
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