ETHUSD Long-term Trend – Ranging
Distribution territories: $350, $450, $550.
Accumulation territories: $150, $100, $50.
In the last trading sessions in the month of October, Ethereum’s price was intensely being traded under the 14-day SMA. In a couple of days, although the cryptocurrency featured a set of lower highs, it moved north past its 14-day and 50-day SMA’s trend lines, to approach the $220 territory.
Since then it has been trading around said territory and the 50-day SMA’s trend line. The 50-day SMA is above the 14-day one with a small space separating them. The Stochastic Oscillators touched range 80, and now point south towards range 60, which suggests a potential bearish movement may soon occur.
Currently the cryptocurrency is trading between the $220 and $180 territories, which could imply a strong price movement may soon come for the crypto. It would be good to buy ETH when its price dips.
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