ETHUSD Long-term Trend – Ranging
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• Distribution territories: $160, $180, $200
• Accumulation territories: $90, $70, $50
Ethereum’s price this week has moved in an almost perfect way, compared to last week’s formation. The cryptocurrency has been consolidating around the $120 level, after a sudden decline that occurred on January 10.
Currently, both of Ethereum’s SMAs are close to its price, with the 14-day SMA being above the 50-day SMA. The Stochastic Oscillators are at around range 20, suggesting the consolidation is set to continue.
These indicators suggest Ethereum’s price may keep on moving within its current range for the next few trading sessions. The $140 and $100 territories are the current limits of its range, and if the $100 barrier is broken there’ll likely be a quick reversal around the $80 mark.
Traders are advised to wait for a trend to confirm before entering a position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
Source: https://www.cryptoglobe.com/markets
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