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06/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH against USD shows that the activities of traders prompted stability at levels above the support area at $3,760. The bears pulled ETH until the formation of a base and the bulls swung into action to initiate a new upside move past $3,800.
The bulls pushed ETH past $3,820 and $3,840, followed by a visit to the barrier area around $3,880. ETH was able to reach levels as high as $3,884 prior to initiating current consolidation within a range. There was a visit to the 23.6% Fibonacci correction level of the upswing from $3,729 swing low to $3,884 high.
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 same chart shows the formation of a major bullish trend line with support level close to $3,840.
The ability of the bulls to initiate a new upswing may lead to the barrier level close to $3,880. The initial major barrier level is close to $3,920. If ETH breaks past the barrier level at $3,920, the bulls may be able to push it higher. The immediate major barrier level is located at $4k and a move above it may provide momentum for an upswing toward $4,080.
The ability of the bulls to push ETH past $4,080 may prompt a visit to the barrier level at $4,200. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier area at $4,320.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,880 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,840, as well as near the trend line.
The immediate major support level is close to the $3,800 area as well as the 50% Fibonacci correction level of the upswing from $3,729 swing low to $3,884 high. The ability of the bears to pull ETH clearly beneath the support level at $3,800 may bring about a move towards $3,720. If there are any additional losses, the bears may be able to pave the way for a move toward $3,650 over the coming few sessions.
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