Dukascopy Bank Team
Dukascopy Bank SA
ETH/USD 4H Chart: Set for breakout
Ethereum cryptocurrency continued to edge higher against the US Dollar since last week. The pair was guided by the 50– hour simple moving average during the previous week's trading session.
From a technical point of view, the cryptocurrency is likely to continue its upside risk. The potential target for the ETH/USD pair will be at the 150 mark during the following trading sessions.
However, given that the blockchain is near a support level formed by the lower boundary of an ascending channel pattern, a breakout could be expected within this session.
BTC/USD 4H Chart: Guided by SMAs
The BTC/USD pair has been trading in a two-month ascending channel pattern. The pair bounced off its lower boundary at 3411.9 on February 8 and had since hit a January high level at 4112.9.
The Bitcoin cryptocurrency was trading near a support cluster formed by the 50-hour simple moving average and the weekly pivot point at 4000.9.
If the pair passes the support level, a decline towards the 200-hour SMA at 3897.7 could follow.
However, if the support cluster as mentioned earlier holds, the Bitcoin against the US Dollar will continue its upside 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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