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28/06/24
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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 move to recover above $3,350. They pushed ETH clearly past $3,400 and performed better than BTC. A look at its 1-hour chart shows that it broke past a connecting declining trend line with a barrier level close to $3,390.
ETH was pushed clearly past the barrier area at $3,450. There was a move to levels as high as $3,482 prior to initiating the current consolidation of gains. The bears swung into action and pulled ETH beneath $3,450. There was a dip beneath the 23.6% Fibonacci correction level of the upswing from $3,328 swing low to $3,482 high.
There is an attempt by the bulls to mount defense towards ensuring that ETH is not pulled further beneath $3,420. The same chart shows that the current performance of ETH is above $3,400, as well as above the 100 hourly SMA.
ETH is encountering a barrier level close to $3,480 on the way upward. The initial key barrier level is close to $3,500, while the immediate key barrier level is close to $3,520. If ETH closes past $3,520, the bulls may be able to push it toward the barrier level at $3,550.
The immediate major barrier level is close to $3,620. If ETH breaks past the barrier level at $3,620, the bulls may be able to push it higher. Likewise, if there are any additional gains, they may pave the way for a move towards the barrier area at $3,740.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,480 could empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,420.
The initial key support level is located close to the $3,400 area, as well as near the 50% Fibonacci correction level of the upswing from $3,328 swing low to $3,482 high. The ability of the bears to pull ETH clearly beneath the support level at $3,400 may lead to $3,320. If there are any additional losses, they may be able to pave the way for a move toward $3,240 over the coming few sessions.
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