ETHUSD Long-term Trend – Bullish
Distribution territories: $400, $450, $500.
Accumulation territories: $150, $100, $50.
Ethereum’s pice has significantly dropped against the US dollar this past week. On September 9, the cryptocurrency kept forming various lower lows, until on September 12 it hit a new yearly low of $167.
On September 13, the cryptocurrency saw its price suddenly spike upwards, giving it the strength to briefly push past its 14-day SMA. Its price has now been averaging towards the $250 territory, around the 14-day SMA. There is still a notably gap between the 14 and 50-day SMA.
The Stochastic Oscillators have crossed from the overbought zone to move past range 20. They now point north to suggest an upward movement. There may now be a probability of seeing the cryptocurrency’s ranging movements go between the territory of $250 and its last lowest price of $167 in the next trading days.
We may see a bullish markt if the crypto convincingly surpasses $250 or see a strong reversal of the trend. Traders may wait for better action to enter the market.
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