Ethereum Price Analysis – May 29

ETHUSD Daily Trend – Bullish

Distribution territories: $570.00, $580.00, $590.00.
Accumulation territories: $550.00, $540.00, $530.00.

Ethereum had been significantly suffering from the strength of the US dollar. ETHUSD yesterday declined sharply in value up to the point of touching the accumulation territory of $500.00. The buyers managed to stage a good come-back into the market play while a decent Japanese bullish candlestick was formed above the trend-line of the 13-day SMA.

The buyers have moved the market value up to the point of touching the distribution territory of $570.00, today. The sellers’ strength has now been weakening against the buyers’. The 13-day SMA has crossed the 50-day SMA from below. The Stochastic Oscillators have crossed the range of 20 into the oversold zone but now point northwards. The current sudden upward stride in the market movement of ETHUSD is expected to continue giving more strength to the buyers. The sellers will now probably find it necessary to exercise a kind of precautionary bias of placing or entering the trades.

 

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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