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18/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls retried a clear push past the barrier area at $3,500. It was difficult to push ETH higher past $3,500 and the bears swung into action to bring about a new downside move. The bears pulled ETH beneath two support levels, including $3,450 and $3,420 levels.
Likewise, there was a fall beneath $3,400, followed by a visit to $3,375. ETH was able to reach levels as low as $3,376 prior to initiating current consolidation above the 23.6% Fibonacci correction level of the latest downside move from $3,516 swing high to $3,376 high.
A look at its 1-hour chart shows the formation of a major bullish trend line with a support level at $3,375. Likewise, its current performance is at levels above $3,375, as well as above the 100 hourly SMA. ETH is encountering a barrier level close to $3,450, as well as near the 50% Fibonacci correction level of the latest downside move from $3,516 swing high to $3,376 high.
The initial key barrier level is close to $3,480, while the immediate key barrier level is close to $3,500. If ETH closes past the barrier level at $3,500, the bulls may be able to push it higher towards the barrier level at $3,550.
The immediate key barrier level is close to $3,640. If ETH breaks past the barrier level at $3,640, the bulls may be able to push it higher towards the barrier area at $3,750 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,450 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $3,380, as well as near the trend line.
The initial key support level is located close to the $3,350 area. The ability of the bears to pull ETH clearly beneath the support level at $3,350 may bring about a move towards the support level at $3,270.
If there are any additional losses, the bears may be able to pave the way for a move towards the support level at $3,220 over the coming few sessions. The immediate key support level is located at $3,150.
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