ETHUSD Long-term Trend – Ranging
Distribution territories: $900.00, $1,000.00, $1,100.00.
Accumulation territories: $500.00, $400.00, $300.00.
Ethereum is ranging in the long-term. The bearish pressure that started on May 5 continued to push its price down to the $638.47 accumulation territory until May 12, in which we had a bullish hammer.
This means the bulls are back on the market and that they helped push Ethereum’s price to the $738.53 distribution territory. The bears came in and pushed price down from this distribution territoriy back to the accumulation territory.
The formation of a railroad here territory set the bulls in, and they are currently pushing the price up, likely back to the accumulation territory. Ethereum is currently trading within the range at the $800.00 upper distribution and at the $600.00 lower accumulation territory.
The price is above the 13 and 50-day SMA with bullish candles forming. This means that bullish momentum is strong. We are likely going to see more bullish candles form as ETH makes its way back to the upper accumulation range.
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