Dukascopy Bank Team
Dukascopy Bank SA
ETH/USD 4H Chart: Stranded between SMAs
The Ethereum cryptocurrency has continued to appreciate against the US Dollar. The 100–hour simple moving average has guided the pair towards the 155.40 area a few days ago.
As for the near future, it is likely that the ETH/USD exchange rate continues to surge during the following trading sessions. The potential upside targets will be near the weekly R1 at 160.4.
Although, the 50-hour simple moving average at 144.40 could hinder bulls from pushing the cryptocurrency higher today.
BTC/USD 4H Chart: Tests resistance cluster
The BTC/USD pair is currently trading in an ascending trendline pattern. The pair tested the lower boundary of the uptrend pattern at 3700.0 during yesterday's trading session.
Given that the bitcoin cryptocurrency is trading in an uptrend pattern, and the 100-and 200-hour SMAs is below the price level, it is likely that the pair will continue moving north until it reaches a resistance level at the 4200.0 area.
However, a resistance cluster formed by the 50-hour simple moving average and the monthly PP at 3897.6 could hinder such bullish movement during the following trading sessions.
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.
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