ETH/USD 4H Chart: Approaching support cluster

Since January 3, the ETH/USD exchange rate has appreciated by 17.32% in value. The surge began after the pair reversed from the lower boundary of a junior ascending channel pattern at 127.21.

Everything being equal, the Ethereum cryptocurrency will likely edge lower against the US Dollar during next week's trading sessions. The pair might target the bottom border of the channel pattern at 129.66.

However, the weekly and the monthly PPs and the 100– period simple moving average at 134.40 could provide support for the pair in the shorter term.

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BTC/USD 4H Chart: Likely to make brief retracement

The Bitcoin cryptocurrency has appreciated by 21.70% in value against the US Dollar since the beginning of January. The exchange rate tested the upper boundary of an ascending channel pattern at 8496.3 on January 10.

The weekly R2 and the monthly R1 is currently providing support for the pair at 7856.1.

If the support cluster holds, the bitcoin cryptocurrency will most likely continue to trade bullish during the following trading sessions.

However, of the BTC/USD pair breaks the support levels, a decline towards the bottom border of the ascending channel pattern could be expected within next week's trading sessions.

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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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