ETHUSD Daily Trend – Bullish
Distribution
territories: $570.00, $580.00, $590.00.
Accumulation
territories: $550.00, $540.00, $530.00.
Ethereum had been
significantly suffering from the strength of the US dollar. ETHUSD yesterday
declined sharply in value up to the point of touching the accumulation
territory of $500.00. The buyers managed to stage a good come-back into the
market play while a decent Japanese bullish candlestick was formed above the
trend-line of the 13-day SMA.
The buyers have
moved the market value up to the point of touching the distribution territory
of $570.00, today. The sellers’ strength has now been weakening against the
buyers’. The 13-day SMA has crossed the 50-day SMA from below. The Stochastic
Oscillators have crossed the range of 20 into the oversold zone but now
point northwards. The current sudden upward stride in the market movement
of ETHUSD is expected to continue giving more strength to the buyers. The
sellers will now probably find it necessary to exercise a kind of precautionary
bias of placing or entering the trades.
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