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12/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that there was an attempt by the bulls to initiate a move to recover to the upside, but they could not gather sufficient momentum. They could not sustain ETH at levels above $3,650, so the bears swung into action and initiated a new downside move.
ETH was pulled steadily to the downside beneath $3,600. There was a fall beneath the support level at $3,550. ETH was able to reach levels as low as close to $3,430 prior to initiating the current consolidation of losses. A look at its 1-hour chart shows that its current performance is at levels beneath $3,550, as well as below the 100 SMA.
The bulls pushed ETH somewhat to levels above $3,480 and there was a move past the 23.6% Fibonacci correction level of the fall from $3,710 swing high to $3,430 low. The ability of the bulls to bring about more upside moves may lead to the barrier level close to $3,550.
The initial key barrier level is close to $3,570. Likewise, it is near the 50% Fibonacci correction level of the fall from $3,710 swing high to $3,430 low. A look at its 1-hour chart shows the formation of a major declining trend line forming with a barrier level close to $3,650.
If ETH breaks past the barrier level at $3,650, the bulls may be able to initiate more upside moves. The immediate key barrier level is located at $3,720 and a move above it may provide momentum for an upswing to $3,820.
The ability of the bulls to push ETH clearly past $3,820 may bring about a visit to the barrier level at $3,920. If there are any additional gains, they may be able to pave the way for a move to the barrier area at $4k.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,550 could empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,475, while the immediate key support level is close to the $3,430 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,430 may bring about a move toward $3,320. If there are any additional losses, they may be able to pave the way for a move toward $3,250 over the coming few sessions.
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