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22/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the activity of traders ensured sustenance within a bullish area above the barrier area at $3,350. The bulls were able to push ETH above the barrier level at $3,500, followed by a move past $3,550.
ETH was able to reach a high level at $3,563 prior to the current consolidation of gains close to the 23.6% Fibonacci correction level of the upswing from $3,412 swing low to $3,563 high. A look at its 1-hour chart shows that its current performance is at levels above $3,500, as well as above the 100 SMA.
The same chart shows the formation of a connecting bullish trend line with a support level at $3,450. Likewise, the trend line is near the 76.4% Fibonacci correction level of the upswing from $3,412 swing low to $3,563 high.
The ability of the bulls to sustain ETH above the 100 SMA may bring about another attempt to push it higher. ETH is encountering a barrier level close to $3,550 on the way upwards. The initial key barrier level is close to $3,580, while the immediate key barrier level is close to $3,650.
If ETH closes past $3,650, the bulls may be able to push it towards the barrier level at $3,700. 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 $3,800 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,550 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,500. The initial key support level is located close to the $3,470 area, as well as near the 100 hourly SMA.
The ability of the bears to pull ETH clearly beneath the support level at $3,470 may bring about a move towards $3,440. If there are any additional losses, they may be able to pull it towards the support level at $3,350 over the coming few sessions. The immediate major support level is located at $3,320.
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