ETH/USD 4H Chart: Breaches 50-hour SMA

The Ethereum cryptocurrency depreciated about 12.09% in value against the US Dollar during last week's trading session. The pair breached the 50-hour simple moving average.

Everything being equal, it is likely that the cryptocurrency could aim for a support cluster formed by the monthly R2 and the 61.80% Fibonacci retracement level at 213.7 during the following trading sessions.

If the support cluster holds, bullish traders could push the ETH/USD cryptocurrency towards the $300 mark in the short-term.



BTC/USD 4H Chart: Likely to edge lower

The Bitcoin cryptocurrency has depreciated about 9.98% in value against the US Dollar since May 17. The currency pair tested the $8500 mark during last week's trading session.

As for the near future, it is likely that the BTC/USD pair will edge lower during the following trading sessions. The potential downside targets will be near the weekly S1 at 6951.4.

If the pair passes the support level as mentioned above, traders should look for opportunities to trade at the 6500 area.


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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