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16/05/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the activities of traders sustained it above the support area at $2860 prior to the bulls initiating a new upside move. The price of ETH increased by almost 5 percent as the bulls remained active.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $2,900. ETH was pushed past $2,950 and $3,000, followed by the formation of a fresh weekly high at $3,039, prior to the initiation of the current consolidation of gains. It was able to visit the 23.6% Fibonacci correction level of the latest upside move from $2,860 swing low to $3,039 high.
The same chart shows that its performance remains above $2,950 as well as above the 100 hourly SMA. The next barrier level on its way upward is close to $3,040. The initial key barrier level is close to $3,050.
If ETH breaks past the barrier level at $3,050, the bulls may be able to push it higher. The immediate major barrier level is located at $3,150; a move above the level may provide momentum to continue towards $3,220. The ability of the bulls to push ETH clearly above $3,220 may initiate more upside moves as well as a visit to the barrier level at $3,350. If there are any additional gains, ETH may be pushed toward the barrier area around $3,500.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,050 may empower the bears to initiate a new move to the downside. The first level of support on the way downward is close to $3k. The initial key support level is close to the $2,950 area or the 50% Fibonacci correction level of the latest upswing from $2,860 swing low to $3,039 high.
The immediate support level is close to $2,930. The ability of the bears to pull ETH clearly beneath the support level at $2,930 may lead to $2,900. If there are any additional losses, ETH may be compelled to fall toward $2,860 over the coming few sessions.
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