Bitcoin: 100 SMA May Bring About A Fresh Upsurge; Ethereum Remains Upside Over $145

News / 12.04.2020

BTC/USD Pair Price Analysis

Over the previous week, the attempt by the BTC/USD pair tried to surge over two barrier levels ($7.4k and $7.5k) failed. The pair attained $7,470 and in recent times began to fall.

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.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.