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02/07/24
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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 above $3,420. They pushed ETH clearly past $3,450 for entry into a short-term positive area. Further, ETH moved past the barrier area at $3,500 to reach levels as high as $3,516 prior to the bears initiating a new move to the downside.
The bears pulled ETH beneath $3,480 and $3,470 levels. There was a fall price beneath the 23.6% Fibonacci correction level of the upswing from $3,350 swing low to $3,516 high. It seems the bulls are doing their best close to the support area at $3,420. They are mounting a defense at the 50% Fibonacci correction level of the upswing from $3,350 swing low to $3,516 high.
A look at its 1-hour chart shows that its performance is at levels above $3,420, as well as above the 100 SMA. ETH is encountering a barrier level close to $3,470 on the way upwards. The same chart shows the formation of a connecting declining trend line with a barrier level close to $3,470.
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 towards the barrier level at $3,550.
The immediate major barrier level is close to $3,650. If ETH breaks past the barrier level at $3,650, the bulls may be able to send it further higher. If there are any additional gains, they may be able to pave the way for a move towards the barrier area at $3,720.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,470 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $3,435. The initial key support level is located 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 $3,350. 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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