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10/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the activity of traders ensured stability above the support area at $2,880. The bulls were able to initiate a modest upside move and there was a push past the barrier level at $2,950. ETH was pushed clearly past the barrier level at $3,050 prior to the emergence of the bears.
ETH visited the barrier area at $3,120. The bulls eventually pushed ETH to levels as high as $3,110 prior to initiating the current consolidation of gains. The bears pulled ETH somewhat beneath $3,080 and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $2,895 swing low to $3,110 high.
A look at its 1-hour chart shows that its current performance is at levels above $3,000 as well as above the 100 SMA. ETH is encountering a barrier level close to $3,080 on the way upwards. The same chart shows the formation of a short-term bearish channel or a bullish flag with a barrier level close to $3,080.
The initial key barrier level is close to $3,110, while the immediate key barrier level exists close to $3,150. If ETH closes past $3,150, the bulls may be able to push it towards the barrier level at $3,220. The immediate major barrier level is close to $3,320. If ETH breaks past the barrier level at $3,320, the bulls may be able to pave the way for a move towards barrier area at $3,500.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,110 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $3,020. The initial key support level is located close to the $2,975 area, as well as near the 61.8% Fibonacci correction level of the upswing from $2,895 swing low to $3,110 high.
The ability of the bears to pull ETH clearly beneath the support level at $2,975 may bring about a push towards $2,920. If there are any additional losses, the bears may be able to pave the way for a move towards $2,820 over the coming few sessions.
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