ETHUSD Long-term Trend – Ranging
Distribution territories: $350, $450, $550.
Accumulation territories: $150, $100, $50.
Ethereum has seen its price continue to move within a well-defined range between the $250 and $200 territories throughout this week. The $250 territory has proved to be a rough resistance the cryptocurrency has tested over the past few days.
The 14-day SMA’s trendline has been moving within the range-bound area throughout the week. Currently, the price is ranging along with the 14-day SMA’s trendline below the territory of $250 as the 50-day SMA touches it. The 50-day SMA is located above the 14-day SMA with a small space between them.
The Stochastic Oscillators have slightly moved above range 60. They now faintly point north and this may show lower highs are occurring in the market. By every indication, Ethereum’s price will keep on ranging between $200 and $250 in the next few trading sessions. Investors may still have to wait for the price to decline a bit to enter a long position.
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