Patterns: ETH/USD, BTC/USD

ETH/USD 4H Chart: Tests 50% Fibo level

The ETH/USD pair has appreciated about 61.73% in value since May 10. The cryptocurrency hit the $280 mark during yesterday's trading session.

After reaching the 280.0 area, the Ethereum cryptocurrency began to decline. The pair tested the 50.00% Fibonacci retracement level at 228.2 during the morning hours of Friday's trading session.

If the 50.00% Fibonacci retracement level holds, a surge towards the $300 mark could be expected during next week's trading sessions.

However, if the pair passes the Fibonacci level as mentioned above, bears are likely to aim for a support cluster at 213.7 in the shorter term.



BTC/USD 4H Chart: Bulls market

The BTC/USD pair has appreciated more than 37.80% in value since last week's trading session. The cryptocurrency reached the $8500 mark during the previous session.

After hitting the $8500 resistance level, the Bitcoin cryptocurrency began to decline.The pair tested a support line formed by the monthly R2 at 6596.8 during the morning hours of today's trading session.

Everything being equal, it is likely that bulls would continue to dominate the pair during the following trading days. The pair might aim for the $9500 area before the end of next week's 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.