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16/07/24
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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 significant upside move past the barrier area at $3,250. They pushed ETH past the barrier level at $3,550 for further move into a positive area. ETH was eventually pushed past the barrier level at $3,440 and then visited the barrier area around $3,500.
ETH was able to hit levels as high as $3,497 prior to initiating the current consolidation of gains. It appears that the bulls are doing their best above the 23.6% Fibonacci correction level of the upswing from $3,085 swing low to $3,497 high.
A look at its 1-hour chart shows that its current performance is at levels above $3,400, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $3,320.
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 $3,550. 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 push it higher towards the barrier area at $3,880 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,500 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,400. The initial key support level is located close to the $3,320 area, as well as near the trend line.
The ability of the bears to pull ETH clearly beneath the support level at $3,320 might bring about a move towards $3,270 or the 50% Fibonacci correction level of the upswing from $3,085 swing low to $3,497 high.
If there are any additional losses, the bears may be able to pull ETH towards the support level at $3,220 over the coming few sessions. The immediate major support level is located at $3,150.
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