ETHUSD Long-term Trend – Ranging
Distribution territories: $350, $450, $550.
Accumulation territories: $150, $100, $50.
This week we saw Ethereum’s price range in movements similar to those we saw in last week’s trading sessions. The cryptocurrency has been maintaining its price around the $200 territory. On September 11 it declined to around $170, which remains the lowest point it saw this year.
The 50-day SMA and the 14-day SMA are separated by a small space. The Stochastic Oscillators have crossed range 50 and now point north. This means the cryptocurrency is striving to regain value against the US dollar, which has been gaining strength.
Some believe ETH is set to rebound in the near future, but such a move may be impossible if the $170 territory is breached southward. The $225 territory should also be considered as if it’s broken northward a potential bullish trend may be around the corner.
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