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21/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls were able to initiate a modest upside move past the $3,500 area. Its performance was better than BTC as there was a break past the barrier level at $3,550. Unfortunately, it was difficult for the bulls to push ETH clearly past $3,620, so there was no visit to $3,650.
ETH was able to reach levels as high as $3,620 prior to the bears initiating a new downside move. They pulled ETH somewhat beneath $3,550, followed by a fall beneath the 23.6% Fibonacci correction level of the rally from $3,351 swing low to $3,620 high.
A look at its 1-hour chart shows that it broke beneath a short-term rising channel being formed with a support level at $3,540. The performance of ETH remains at levels beneath $3,550 as well as below the 100 hourly SMA.
Another observation is that the bulls are currently doing their best close to the support area at $3,485, as well as near the 50% Fibonacci correction level of the upswing from $3,351 swing low to $3,620 high. ETH may encounter a barrier level close to $3,520 on the way upward. The initial key barrier level is close to $3,560, while the major barrier level is located at $3,620 or $3,650.
The bulls may be able to initiate more upside moves if ETH breaks past the barrier level at $3,650. The immediate major barrier level exists at $3,720 and a move above it may provide momentum for an upswing toward $3,750. 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 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,560 may empower the bears to initiate a new move to the downside. The first support level on its way downward is close to $3,485, while the initial key support level exists at $3,450.
The ability of the bears to pull ETH clearly beneath the support level at $3,450 may bring about a downside move to $3,420. If there are any additional losses, they may be able to pave the way for a move toward $3,350 over the coming few sessions.
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