ETH/USD 4H Chart: Weekly Overview

The Ethereum cryptocurrency has continued to appreciate against the US Dollar. The 100–hour simple moving average has guided the pair towards the 155.40 area a few days ago.
As for the near future, it is likely that the ETH/USD exchange rate continues to surge during the following trading sessions. The potential upside targets will be near the weekly R1 at 160.4.
Although, the 50-hour simple moving average at 144.40 could hinder bulls from pushing the cryptocurrency higher today.

Commentaire:

The Ethereum cryptocurrency has revealed a new junior descending channel pattern against the US Dollar. The pair is currently trading near the upper boundary of the channel pattern at 138.0.
Given that the ETH/USD pair is near the upper band of the junior descending channel, a breakout could be expected within this session.
However, a resistance cluster formed by the combination of the 50– and 100-hour SMAs at 138.0 could hinder the breakout.
Moreover, technical indicators flash sell signals on the 4(H) time frame chart.

Commentaire:

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.