Dukascopy Bank Team
Dukascopy Bank SA
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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.