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19/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bears were able to initiate a new move to the downside from the barrier area at $3,500. They pulled ETH beneath two support levels, including $3,450 and $3,440 for entry into a short-term declining area.
A look at its 1-hour chart shows that it broke beneath a connecting bullish trend line with a support level at $3,420. There was a spike beneath $3,400, as well as below the 23.6% Fibonacci correction level of the upswing from $3,048 swing low to $3,516 high.
Its performance is currently at levels above $3,380 as well as above the 100 hourly SMA. The ability of the bulls to sustain ETH above the 100 hourly SMA could bring about a new move to the upside. ETH is encountering a barrier level close to $3,440 on its way upward.
The initial key barrier level is close to $3,450, 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 towards the barrier level at $3,550.
The immediate major barrier level is close to $3,620. If ETH breaks past the barrier level at $3,620, the bulls may be able to pave the way for a more significant move 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 $3,440 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $3,400 as well as near the 100 hourly SMA. 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 $3,340 may lead to $3,280 as well as the 50% Fibonacci correction level of the upswing from $3,048 swing low to $3,516 high. If there are any additional losses, the bears may be able to pave the way for a move towards the support level at $3,200. The immediate major support level is located at $3,150.
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