ETHUSD Long-term Trend – Bearish
Distribution territories: $600.00,
$700.00, $800.00.
Accumulation territories: $400.00,
$300.00, $200.00.
Unlike last week, ETH/USD value this week maintained its
increase on Wednesday and consolidated it on Thursday the 12th. Quite a
significant lower high has been witnessed, and the bearish outlook has yet not
been convincingly outdone as far as long-term trend is concerned. At
present, the price has moved northward and has been trading at around the
distribution territory of $500.00.
The 50-day moving average is above
the 13-day moving average as price action shows that bulls are now trying
to spring back into action. Stochastic oscillators have crossed and moved above
50 range as they are now pointing northward at an area not yet too far away
from the oversold zone. Investors, potentially, can witness pit stops in the
current significant price hike between the distribution territory of $500.00
and $600.00. At this point, should the bulls take action and give up way back
to a strong pullback, then the bears could again play back into action that can
last for only a few weeks.
The views and
opinions expressed here do not reflect that of CryptoGlobe.com and do not
constitute financial advice. Always do your own research
Source: https://www.cryptoglobe.com/markets/price-analysis/
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