ETHUSD
Long-term Trend – Bearish
Distribution territories: $500.00,
$600.00, $700.00.
Accumulation territories: $300.00,
$200.00, $100.00.
This week ETHUSD pair continues to trend southward almost
the same bearish outlook as last week’s formation. On April 3rd, the price
managed to form a lower high above distribution territory of $400.00, April
4th marked another noticeable bearish movement in the market. Presently,
price has also moved deeply southward and has now been trading around the
accumulation territory of $400.00.
Moving average 50 is far above
moving average 13. The price action has been traded along the bearish path of
moving average 13 consecutively with a wide space notification to moving
average 50. The stochastic oscillator remains crossed into the oversold
zone and also pointing southward. However, the current price trend could,
in the long-term, accumulate momentum from breaking below the next accumulation
territory of $300.00 and form a trading range towards another accumulation
territory of $200.00. Pit stops can be experienced if that eventually cropped
up. Traders can look out at that point in time to take on the bull from a
reversal or a pullback which can lead to a potential markup in price in the
next 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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