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12/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls were able to bring about more recovery past the barrier area at $3,050. There was a push past the barrier level at $3,150, followed by a spike past the barrier level at $3,200 and prompting a performance better than BTC.
ETH was able to visit the barrier area at $3,220, reaching levels as high as $3,213 prior to initiating the current correction of gains. The bears pulled ETH somewhat beneath $3,150, followed by a visit to the 50% Fibonacci correction level of the upswing from $2,894 swing low to $3,213 high.
A look at its 1-hour chart shows that its current performance is above $3,080, as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $3,070.
ETH is encountering a barrier level close to $3,140 on the way upward. The initial major barrier level is close to $3,200, while the immediate key barrier level is close to $3,220. If ETH closes past $3,220, the bulls may be able to initiate a push towards the barrier level at $3,320.
The immediate major barrier level is close to $3,440. If ETH breaks past the barrier level at $3,440, the bulls may be able to push it higher towards the barrier area at $3,550 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,140 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $3,070 as well as near the trend line. The initial key support level is located close to the $3,000 area, as well as near the 61.8% Fibonacci correction level of the upswing from $2,894 swing low to $3,213 high.
The ability of the bears to pull ETH clearly beneath the support level at $3,000 may bring about a push towards $2,970. If there are any additional losses, the bears may be able to pave the way for a move towards the support level at $2,895 over the coming few sessions. The immediate major support level is located at $2,820.
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