Ethereum Price Long-term Trend – Ranging
Distribution territories: $350, $450, $550.
Accumulation territories: $150, $125, $100.
There were slight increases in the market valuation of Ethereum as traded against the US dollar last week. The price action stayed in or around the well-defined range-bound territories marked at $250 and $200.
Ethereum has been struggling to survive from the strong bearish breakdown that occurred on Sept. 5 that eventually brought about the price decline to the year low of $168. Since then the price action has been successively ranging northwards a bit above the 14-day SMA’s trend-line.
The 50-day SMA is located over the 14-day SMA. The Stochastic Oscillators have moved northwards briefly past range 40. Yet, they still point to the north. However, despite the bullish signals the present upward movements of Ethereum, is not enough to deduce that a bullish market trend has finally come to play.
Traders should exercise patcience until the price has reached the upper or lower bounds of the range. From therethey can trade the range or wait for a breakout or breakdown, both are equally likely for now.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
