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14/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls could not initiate a move to recover to the upside past two barrier levels, including $3,550 and $3,580. Hence, the bears were able to sustain ETH within a short-term declining area and then pulled it further to levels beneath $3,500.
There was a fall beneath the support level at $3,450. ETH was able to reach levels as low as $3,428 prior to initiating the current consolidation of losses. The bulls pushed ETH somewhat above the 23.6% Fibonacci correction level of the latest downside move from $3,655 swing high to $3,428 low.
A look at its 1-hour chart shows that its current performance remains beneath $3,550 as well as below the 100 SMA. The same chart shows the formation of a critical declining trend line with a barrier level close to $3,550.
The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $3,540 as well as the 50% Fibonacci correction level of the latest downside move from $3,655 swing high to $3,428 low.
The initial key barrier level is close to $3,550, as well as near the trend line. If ETH breaks past the barrier level at $3,550, the bulls may be able to bring about more upside moves. The immediate key barrier level is located at $3,650 and a move above it may provide momentum for an upswing toward $3,720.
The ability of the bulls to push ETH clearly past $3,720 may bring about a move toward the barrier level at $3,800. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier area at $3,880.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,550 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,420.
The ability of the bears to pull ETH clearly beneath the support level at $3,420 may bring about a move toward $3,350. If there are any additional losses, the bears may be able to pave the way for a move toward $3,250 over the coming few sessions.
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