ETH/USD 4H Chart: Bulls could prevail
The Etheruem cryptocurrency has surged by 15.62% against the US Dollar since October 8. The exchange rate breached the upper line of an ascending channel pattern at 388.00 during this week’s trading sessions.
Given that the 50-, 100 and 200– period SMAs are below the price level, bullish traders could continue to pressure the ETH/USD pair higher during the following trading sessions.
However, a resistance cluster formed by the weekly R1 and the monthly pivot point near the 384.8 area could provide resistance for the cryptocurrency exchange rate in the nearest future.
BTC/USD 4H Chart: Buying signals
The Bitcoin cryptocurrency has surged by 10.50% against the US Dollar since October 2. The currency pair tested the upper boundary of an ascending channel pattern at 11678.4 on October 12.
Technical indicators flash buying signals on the 4H, daily and weekly time-frame charts. Most likely, bulls could continue to dominate the market during the following trading sessions.
However, the weekly resistance level at 11678.4 could provide resistance for the cryptocurrency exchange rate in the shorter term.