Dukascopy Bank Team
Dukascopy Bank SA
ETH/USD 4H Chart: Tests 38.2% Fibo
The Ethereum cryptocurrency has depreciated about 17.15% in value against the US Dollar since May 30. The decline was stopped by a support level formed by the 38.2% Fibonacci retracement level at 249.9.
If the support line formed by the 38.20% Fibonacci retracement level holds, a surge towards the 295.4 could be expected during the following trading sessions.
However, if the ETH/USD cryptocurrency breaks the support line as mentioned above, a decline towards a support cluster formed by the 200-hour SMA and the 50.00% Fibo will be the short-term target.
BTC/USD 4H Chart: Consolidates above 200-hour SMA
The BTC/USD exchange rate has depreciated about 17.16% in value since May 29. The decline was stopped by a support level formed by the 200-hour simple moving average at 7619.4.
The cryptocurrency consolidated above the 200-hour SMA during the past 72 hours of trading.
If the Bitcoin cryptocurrency passes the support level as mentioned above, a decline towards the weekly S1 at 6191.8 could be the next target in the short term.
On the other hand, if the 200-hour SMA holds, bulls could push the pair towards the weekly R1 at 9234.4 in the nearest future.
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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