ETHUSD Long-term Trend – Bearish
Distribution territories: $800.00, $900.00, $1,000.00.
Accumulation territories: $500.00, $400.00, $300.00.
A bearish outlook is still noticeable on the chart of ETHUSD. The pair has been suffering from selling pressure against the dollar over the past few weeks. The bears have been overwhelming the bulls, which allowed them to push the market south. Last week, on May 3, the pair experienced a series lower highs and lower lows. The price has been slightly ranging around the accumulation territory of $600.00.
On May 29, a short bullish-shaven Japanese candlestick occurred and strived to see the maker hover around the accumulation territory of $600.00. The 50-day SMA is above the 13-day SMA. The 13-day SMA is bent northward and the price has been ranging along its trend-line.
The Stochastic Oscillators are now consolidating below range 50. The asset seemingly won’t keep losing value against the US dollar. The bulls can potentially take advantage of a bearish reversal and gain the upper hand. Investors and traders can join long entry positions.
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