ETHUSD Long-term Trend – Ranging
- Distribution territories: $160, $180, $200
- Accumulation territories: $90, $70, $50
Ethereum’s price has been moving within a range after last week’s decline that saw nearly all cryptocurrencies drop. The cryptocurrency has been trading around the $120 mark in the last few trading sessions.
ETH’s price is currently trading within a tiny space that can be found between both its SMAs. The 14-day SMA appears to be trying to move over the 50-day SMA. The Stochastic Oscillators are at range 20 and can potentially start consolidating around said range. The fact both SMAs are close to the $120 mark appears to show the market is undecided.
Looking closely, we can point to the $140 and $100 marks as the cryptocurrency’s current actual range. Traders are advised to be on the lookout for a reversal that could occur around these marks.
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