Bitcoin: 100 SMA May Bring About A Fresh Upsurge; Ethereum Remains Upside Over $145
BTC/USD Pair Price Analysis
It was able to break the $7.2k support level to land in a declining area. The pair’s 4-hour chart shows a break beneath a key bullish trend line with support at $7.2k. Currently, the pair is close to a critical support at $6.7k and the 100 SMA.
The pair’s failure to remain over the $6.7k support and the 100 SMA poses a risk of additional declines in the near-term. The immediate key support is close to the $6.4k zone. Any additional declines could take the pair to the $6,080 support zone in the near-term.
The ability of the pair to remain over the support at $6.7k and the 100 simple moving average may initiate a new upsurge. The first barrier is on the upside is close to $6,950 and $7k.
The initial key barrier is observed close to $7.1k, over which the pair could secure strength. The immediate major barrier is close to next $7.4k and $7.5k.
ETH/USD Pair Price Analysis
Over the previous week, the ETH/USD pair tried severally to secure strength over $175 and $180 barrier, but could not. The pair was able to form a fresh monthly high at $175 and in recent times began a new decline.
It broke beneath $165 and $162 support levels to land in a short-term declining area. Currently, the pair is beneath the $160 support, but holding the 100 SMA. On the pair’s 4-hour chart, there is the formation of a key connecting bullish trend line with support close to $155.
The downside break beneath $155 support could lead to more decline. The immediate key uptrend support is close to $145. The buyers’ ability to maintain price levels over $145 support could make the pair decline more to $132 support.
If the pair stays over $145 support and the 100 SMA, it may initiate a new upsurge. The next barrier is close to $162.
The initial major barrier is close to $168 as well as a connecting declining trend line. If the pair closes over the barrier at $168, there could be an upsurge towards $175 and $180 barrier levels.
Featured image courtesy of Shutterstock. Source: Cryptopress.