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30/05/24
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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 downside move beneath the support area at $3,880. There was a fall beneath two support levels, including $3,850 and $3,800, for a move into a short-term declining area.
The bears pulled ETH clearly beneath the 50% Fibonacci correction level of the upswing from $3,630 swing low to $3,974 high. There was an eventual move to levels beneath $3,780, with the current focus on pulling ETH toward the support level at $3,720.
A look at its 1-hour chart shows that its current performance is at levels above $3,800, as well as above the 100 hourly SMA. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $3,800. The same chart shows the formation of a major declining trend line with a barrier level at $3,800.
The initial key barrier level is close to $3,840. If ETH breaks past the barrier level at $3,840, the bulls may be able to initiate more upside moves. The immediate major barrier level is located at $3,900 and a push above it may provide sufficient bullish momentum for a move toward $3,940.
The ability of the bulls to push ETH clearly past $3,940 may bring about an upswing which will prompt a visit to the barrier level at $4,000. If there are any additional gains, they may be able to pave the way for a move toward the barrier area at $4,080.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,800 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,720 or the 76.4% Fibonacci correction level of the upswing from $3,630 swing low to $3,974 high.
The immediate key support level is close to the $3,625 area. The ability of the bears to pull ETH clearly beneath the support level at $3,625 may bring about a push toward $3,550. If there are any additional losses, the bears may be able to pave the way for a move toward $3,500 over the coming few sessions.
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