ETHUSD Long-term Trend – Ranging
Distribution territories: $600, $650, $700.
Accumulation territories: $200, $150, $100.
Ethereum lost a significant amount of value against the USD last week. ETH was initially keeping a price of around $300 or a bit more than that on Aug. 19. On Aug. 20, the crypto suddenly dropped but didn’t fall below the last lowest point it hit on Aug. 14.
ts current ranging movements have been ongoing since Aug. 21. Ethereum’s price has been having both lower highs and lower lows around the $300 mark, below the 14-day SMA’s trendline.
There’s a notable gap between the two SMAs as the 50-day SMA is located above the 14-day SMA. The Stochastic Oscillators have crossed below range 20. They are now seemingly consolidating below it to suggest long positions shouldn’t be entered, for the time being. It still isn’t clear if ETH is set to recover soon.
Nevertheless, a breakout above $315 may see the crypto rise to $325 or $340 as an extension. Investors may now consider buying this cryptocurrency, while traders may wait for the price to enter an upward direction before entering long positions.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
