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30/07/24
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Technical Outlook on the Performance of Ether (ETH)
The bulls were able to push ETH/USD further to the upside above the $3,250 area. Its chart shows that they were able to clear the barrier area at $3,350 and then visited $3,400. The bears swung into action and a downside retracement ensued from levels as high as $3,395 in recent times.
There was a downside move beneath the support area at $3,350. ETH fell beneath the 50% Fibonacci correction level of the upswing from $3,201 swing low to $3,395 high. A look at its 1-hour chart shows that its current performance is close to $3,280, as well as near the 100 SMA.
The same chart shows the formation of a major bullish trend line with a support level at $3,280. Likewise, the trend line is near the 61.8% Fibonacci correction level of the upswing from $3,201 swing low to $3,395 high.
The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $3,350. The initial key barrier level is close to $3,400, while the immediate key barrier level is close to $3,440. If ETH closes past $3,440, the bulls may be able to push it towards the barrier level at $3,500.
The immediate major barrier level is close to $3,550. If ETH breaks past the barrier level at $3,550, the bulls may be able to pave the way for a move towards the barrier area at $3,720 over the coming few sessions.
On the other hand, the failure of the bulls to push ETH clearly above the barrier level at $3,350 may empower the bears to sustain its performance towards the downside. The first support level on the way downwards is close to $3,280. The initial key support is located close to the $3,250 area, as well as near the trend line.
The ability of the bears to pull ETH clearly beneath the support level at $3,250 may bring about a move towards $3,180. If there are any additional losses, the bears may be able to pave the way for a move towards the support level at $3,120 over the coming few sessions. The immediate major support level is located at $3,080.
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