BTC Shows Potential Upsurge while ETH Could Meet A Huge Decline
The pair’s hourly chart shows that a robust barrier towards the upside awaits near the $8k level and 100-day SMA. Again, the chart indicates the formation of a key declining trend line whose barrier is close to $7,880.
A medium-term uptrend could emerge depending on the buyers’ ability to move the pair over the $8k barrier and the 100-SMA. The nearest significant barriers are close to $8.8k and $9k. Any movements above these could see the pair’s price rise to $9.5k.
Similarly, it’s possible that the pair could decline to levels close to the $8k barrier. The price could recede if buyer support fails at around $8k or $7,880.
The first support is around the $6.8k level which is the latest breakout area. Additionally, the key support is currently close to the $6.5k mark and additional declines would see the price move towards $5.5k.
ETH/USD Pair Price Analysis
In the last few sessions, the ETH/USD pair rose sharply to trade over the $150 barrier. The pair experienced an upsurge taking the price over the $165 barrier.
It continued to rise beyond the $170 price level. However, it is likely to encounter a strong barrier close to $175 and the 100-day SMA. Looking at the pair’s hourly chart indicates a critical declining trend line forming with its barrier near $182.
Short Term Uptrend
The ETH/USD pair could attain a medium-term uptrend if it overcomes the barriers at $175 and $182.
The immediate major barrier is near the $190 mark. Movements above this would see buyers testing the $200 hurdle. Further upsides may take the pair towards $220 in the short term.
Conversely, the pair’s failure to move above the $175 and $180 could result in it retracing to a lower figure. The first downside support is near the $160 mark.
Currently, the pair’s initial key support is close to $150 and an attaching buying trend line. Another dip could be in the offing should the pair close below the $150 support level. The charts indicate major support near $124.