Ethereum (ETH) Long-term Price Analysis –– February 2
- Ethereum is now close to the $100 mark, and as the bulls are currently looking weak the bears may push its price down further.
- Traders are advised to wait for a strong movement to allow them to have a decent entry point.
ETHUSD Long-term Trend – Ranging
This week, Ethereum’s price has seen its SMA indicators cross, while it kept on featuring lower lows. After a long consolidating session, the cryptocurrency has now formed defined zones for its current trading range.
Ethereum Chart by TradingViewCurrently, the price is consolidating between the $120 and $100 territories, as the 50-day SMA is close to the $120 mark while the 14-day SMA is beneath it. The Stochastic Oscillators are consolidating within the oversold zone, showing the bears’ strong presence in the market.
Ethereum is now close to the $100 mark, and as the bulls are currently looking weak the bears may push its price down further. Traders are advised to wait for a strong movement to allow them to have a decent entry point.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
Article comments