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01/07/24
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Technical Outlook on the Performance of Ether (ETH)
A look at the chart of ETH/USD shows that the bulls were able to initiate a modest move to recover above $3,400. They were able to push ETH clearly past $3,420 for entry into a short-term positive area.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level close to $3,415. There was a clear push past the barrier area at $3,500 and ETH reached levels as high as $3,516 prior to initiating current consolidation of gains.
The bears pulled ETH beneath $3,500 but sustained it above the 23.6% Fibonacci correction level of the upswing from $3,350 swing low to $3,516 high. The same chart shows that its current performance is at levels above $3,450, as well as above the 100 SMA.
The chart shows positive price action with signs of more upside moves. ETH is encountering a barrier level close to $3,500 on the way upwards. The initial key barrier level is close to $3,520, while the immediate key barrier level is close to $3,550.
If ETH closes past $3,550, the bulls may be able to push ETH towards the barrier level at $3,650. The immediate major barrier level is close to $3,720. If ETH breaks past the barrier level at $3,720, the bulls may be able to initiate more upside moves. If there are any additional gains, they may be able to push ETH towards 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 initiate a new move to the downside. The first support level on the way downward is close to $3,480.
The initial key support level exists close to the $3,440 area as well as near the 50% Fibonacci correction level of the upswing from $3,350 swing low to $3,516 high. The ability of the bears to pull ETH clearly beneath the support level at $3,420 may bring about a move towards $3,350. If there are any additional losses, they may be able to pave the way for a move toward $3,320 over the coming few sessions.
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