ETH/USD 4H Chart: Pressure By 50-Hour SMA

Technical analysis of Forex market

The Ethereum cryptocurrency has been trading between the upper and lower boundaries of a horizontal channel for the past week. The 50-hour simple moving average was providing resistance for the pair at 110.3 during the previous trading sessions.

Everything being equal, it is likely that the 50-hour SMA could push the cryptocurrency towards a support level at 104.36.

However, given that the ETH/USD pair is located near the upper boundary of a descending channel pattern, a breakout could be expected within this session.

– advertisement –

For traders: our Portfolio of forex robots for automated trading has low risk and stable profit. You can try to test results of our forex ea download
Signal2forex reviews