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20/05/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that it was secure momentum after the activities of traders sustained it above $3k. The bulls were able to push it clearly past $3,050 prior to the emergence of the bears close to $3,150. ETH was able to hit a fresh weekly high at $3,144 prior to the bears initiating a downside retracement in recent times.
ETH moved beneath $3k and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $2,927 swing low to $3,144 high. A look at its 1-hour chart shows that its current performance is at levels above $3k as well as above the 100 hourly SMA. The bulls are doing their best close to the support level at $3,065 and defending the 50% Fibonacci correction level of the upswing from $2,927 swing low to $3,144 high.
The next barrier level on the way upward is close to $3,080. The same chart shows the formation of a connecting declining trend line with a barrier level at $3,080. The initial key barrier level is close to $3,150. If ETH breaks past the barrier level at $3,150, the bulls may be able to push it higher.
The immediate major barrier level is located at $3,200 and a move above it may provide sufficient momentum to bring about a move toward $3,250. The ability of the bulls to push ETH clearly past $3,250 may prompt more upside moves as well as a visit to the barrier level at $3,320. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier area at $3,500.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,080 as well as the trend line may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,065.
The immediate key support level is close to the $3k area. The ability of the bears to pull ETH clearly beneath the support level at $3k may lead to $2,980. If there are any additional losses, the bears may be able to pave the way for a move to $2,860 over the coming few sessions.
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