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13/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls tried to initiate a move to recover to the upside above two barrier levels, including $3,550 and $3,580. Unfortunately, it was not possible to sustain ETH above $3,650, so the bears swung into action and then initiated a new downside move.
ETH was pushed steadily to the downside beneath $3,580. There was a fall to levels beneath the support level at $3,550. ETH moved to levels beneath the 61.8% Fibonacci correction level of the upswing from $3,431 swing low to $3,655 high.
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 same chart shows the formation of a key declining trend line with a barrier level close to $3,610. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $3,580.
The initial key barrier level is close to $3,600, as well as near the trend line. The bulls may be able to initiate more upside moves if ETH breaks past the barrier level at $3,600. The immediate key barrier level is located at $3,650 and a move above it may provide momentum to reach $3,720.
The ability of the bulls to push ETH clearly past $3,720 may bring about a visit to the barrier level at $3,800. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier area around $3,880.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,600 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,480, as well as near the 76.4% Fibonacci correction level of the upswing from $3,431 swing low to $3,655 high. The immediate key support level is close to the $3,420 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,420 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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