Patterns: ETH/USD, BTC/USD
|ETH/USD 4H Chart: Pressure by 50-hour SMA
The Ethereum cryptocurrency has been trading between the upper and lower boundaries of a horizontal channel for the past week. The 50-hour simple moving average was providing resistance for the pair at 110.3 during the previous trading sessions.
Everything being equal, it is likely that the 50-hour SMA could push the cryptocurrency towards a support level at 104.36.
However, given that the ETH/USD pair is located near the upper boundary of a descending channel pattern, a breakout could be expected within this session.
BTC/USD 4H Chart: Trading sideways
The Bitcoin cryptocurrency has been moving sideways against the US Dollar since January 29. The pair was trading between the upper and lower boundaries of a horizontal channel.
As for the near future, it is likely that the BTC/USD currency pair continues its movement down. The potential target for the blockchain will be near a traditional weekly support level at 3370.1.
However, it is expected that the pair aims for a re-test of the 50-hour simple moving average at 3464.8 during the following trading session.
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