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13 August 2022
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Patterns: ETH/USD, BTC/USD

ETH/USD 4H: Selling bias

The Ethereum cryptocurrency has declined by 8.58% against the US Dollar since June 24. The exchange rate breached the 215.00 level during last week’s trading sessions.

The currency pair is currently trading near the upper boundary of a descending channel pattern at 225.6.

If the channel pattern holds, bears will continue to pressure the cryptocurrency exchange rate lower during next week’s trading sessions.

However, if the ETH/USD pair breaks the descending channel pattern, a surge towards the 240.00 mark could be expected within the following trading sessions.


BTC/USD 4H Chart: Decline likely to continue

The Bitcoin cryptocurrency has declined by 6.83% against the US Dollar since June 24. The currency pair tested the $8900 mark during Thursday’s trading session.

Technical indicators flash selling signals on both the smaller and the daily time-frame charts. Therefore, the BTC/USD exchange rate could continue to edge lower during next week’s trading sessions. The possible target for bearish traders will be at the $8000 level.

However, bears need to surpass the support level at the 8900 area before reaching the given target.


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