BTC/USD Pair: 100 SMA May Prompt Fresh Upsurge; ETH/USD Pair: A Critical Support May Prompt a Steep Fall
BTC/USD Pair Analysis
BTC/USD is striving to obtain momentum over the major $7k barrier. A look at the pair’s 4-hour chart shows the likelihood of a move over $7k if it remains over $6.4k price level and the 100 simple moving average.
Last week, the pair was able to surge past the $7k barrier and established price levels over the 100 SMA thereby attaining $7,273. Later, it retraced to the downside and established levels under $7k. The pair visited the $6.6k support zone and it is now into consolidation within a range.
On the same chart, there is the formation of a major bullish trend line with support at $6,425. Another important observation is the position of 100 SMA close to the trend line and the $6.4k support.
The pair’s failure to remain over the $6.4k support as well as the 100 simple moving average poses the risk of a remarkable fall. The immediate major support is close to $6k, under which the pair might visit the $5.8k support zone.
The pair’s buyers must protect the support at $6.4k and the 100 simple moving average for a new upsurge. A look at the upside shows the first resistance close to $7k.
If the pair surges over the $7k barrier, it may prompt a robust upsurge over $7.2k and $7,270. The immediate key barrier is close to $7.5k, over which there is likelihood of a visit to $7,880.
ETH/USD Price Analysis
The ETH/USD pair is striving to secure bullish momentum over $145 barrier. The pair needs to remain over the $140 support zone for a sustained uptrend.
Last week, the pair surged over the barriers at $130 and $135, as well as $145 resistance, thereby settling over the 100 SMA. It visited the $150 barrier zone where the sellers took a stand. In recent times, the pair moved under $145 but maintained price levels over the $140 support zone.
A look at the pair’s 4-hour chart shows that the 100 SMA is close to $140 support zone for protection against downside break. An important observation is the formation of a key contracting triangle with barrier close to $145.
A downside break under the $140 support zone as well as the 100 simple moving average could strengthen the sellers. The immediate major support is close to $133, under which the sellers could focus on testing the $124 support.
A sustained price levels over the $140 support as well as the 100 SMA could lead to more upside. The initial major barrier is close to $145, and then $150. If the pair closes over the $150 barrier, it could prompt a robust upsurge towards $160 and $164 soon.