ETHUSD Long-term Trend – Ranging
Distribution territories: $500, $550, $600.
Accumulation territories: $200, $150, $100.
Ethereum’s price has been moving in a range-bound zone between the territories of $330 and $250 over the past week. The cryptocurrency recorded lower highs and lower lows in said period, and today, September 2, saw its price push past the 14-day SMA. It’s still under the 50-day SMA.
The cryptocurrency’s price has been slowly averaging towards the $330 mark. The 50-day SMA is located below the distribution territory of $400, as the 14-day SMA is slightly bent northward below it.
The Stochastic Oscillators have moved past range 40 to point north. This suggests a bullish movement is still going. A bullish trend is expected to be confirmed if the cryptocurrency manages to breach the $330 mark and manages to stay above it for some time. A bullish push could encounter a strong distribution territory at $350, and as a result, ETH’s price could be driven southward towards the $250 mark. Investors can wait until the cryptocurrency drops to buy it.
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