Patterns: ETH/USD, BTC/USD
|ETH/USD 4H Chart: Tests 38.2% Fibo
The Ethereum cryptocurrency has depreciated about 17.15% in value against the US Dollar since May 30. The decline was stopped by a support level formed by the 38.2% Fibonacci retracement level at 249.9.
If the support line formed by the 38.20% Fibonacci retracement level holds, a surge towards the 295.4 could be expected during the following trading sessions.
However, if the ETH/USD cryptocurrency breaks the support line as mentioned above, a decline towards a support cluster formed by the 200-hour SMA and the 50.00% Fibo will be the short-term target.
BTC/USD 4H Chart: Consolidates above 200-hour SMA
The BTC/USD exchange rate has depreciated about 17.16% in value since May 29. The decline was stopped by a support level formed by the 200-hour simple moving average at 7619.4.
The cryptocurrency consolidated above the 200-hour SMA during the past 72 hours of trading.
If the Bitcoin cryptocurrency passes the support level as mentioned above, a decline towards the weekly S1 at 6191.8 could be the next target in the short term.
On the other hand, if the 200-hour SMA holds, bulls could push the pair towards the weekly R1 at 9234.4 in the nearest future.
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