Ethereum Weekly Price Analysis – April 8

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ETHUSD Long-term Trend – Bearish

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Distribution territories: $500.00, $600.00, $700.00.

Accumulation territories: $300.00, $200.00, $100.00.

This week ETHUSD pair continues to trend southward almost the same bearish outlook as last week’s formation. On April 3rd, the price managed to form a lower high above distribution territory of $400.00, April 4th marked another noticeable bearish movement in the market. Presently, price has also moved deeply southward and has now been trading around the accumulation territory of $400.00.

Moving average 50 is far above moving average 13. The price action has been traded along the bearish path of moving average 13 consecutively with a wide space notification to moving average 50. The stochastic oscillator remains crossed into the oversold zone and also pointing southward. However, the current price trend could, in the long-term, accumulate momentum from breaking below the next accumulation territory of $300.00 and form a trading range towards another accumulation territory of $200.00. Pit stops can be experienced if that eventually cropped up. Traders can look out at that point in time to take on the bull from a reversal or a pullback which can lead to a potential markup in price in the next few weeks.

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/price-analysis/

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