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17/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls have ensured sustenance within a bullish area above the barrier area at $3,350. There was a move past the barrier level at $3,400 for further entry into a positive area. It seems ETH is encountering a solid barrier level close to the $3,500 area.
ETH was able to reach levels as high as $3,515 prior to initiating the current consolidation of gains. The bears pulled ETH somewhat to the downside and there was a visit to the 23.6% Fibonacci correction level of the upswing from $3,350 swing low to $3,515 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 $3,350. 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 it toward the barrier level at $3,650.
The immediate key barrier level is close to $3,740. If ETH breaks past the barrier level at $3,740, the bulls may be able to pave the way for a move toward the barrier level at $3,800 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 $3,420, as well as near the 61.8% Fibonacci correction level of the upswing from $3,350 swing low to $3,515 high.
The initial key support level is located close to the $3,350 area, as well as near the trend line. The ability of the bears to pull BTC clearly beneath the support level at $3,350 may bring about a move towards $3,320.
If there are any additional losses, the bears may be able to pull ETH towards the support level at $3,250 over the coming few sessions. The immediate major support level is located at $3,220.
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