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17/05/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH against USD shows that the bulls were able to initiate a new upside move past $2,960. There was a clear push past $3k prior to the emergence of the bears close to $3,040.
ETH reached a fresh weekly high level at $3,039 prior to the bears initiating a downside retracement in recent times. The bears pulled ETH somewhat beneath $3k and there was a dip beneath the 50% Fibonacci correction level of the upswing from $2,860 swing low to $3,039 high.
A look at its 1-hour chart shows that its current performance is at levels beneath $2,960, as well as below the 100 hourly SMA. The bulls are doing their best close to the support level at $2,925, as well as near the 61.8% Fibonacci correction level of the upswing from $2,860 swing low to $3,039 high.
The next barrier level is close to $2,960. The same chart shows the formation of a connecting declining trend line with a barrier level at $2,965. The initial key barrier level is close to $3k. If ETH breaks past the barrier level at $3k, the bulls may be able to initiate more upside moves.
The immediate major barrier level is located at $3,050; a clear move past the level may provide momentum for a rise to $3,150. The ability of the bulls to push ETH clearly past $3,150 may bring about an upswing, followed by a visit to the barrier level at $3,220. If there are any additional gains, ETH may be able to move higher, perhaps toward the barrier area at $3,350.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $2,965 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $2,925.
The immediate key support level is close to the $2,900 area. The ability of the bears to pull ETH clearly beneath the support at $2,900 may prompt a move to $2,850. If there are any additional losses, ETH may be able to move toward $2,740 over the coming few sessions.
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