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07/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls were able to initiate a push past the barrier area at $3,840. However, it was difficult for them to push ETH clearly above $3,885, so the bears used the opportunity to initiate a new move to the downside.
A look at its 1-hour chart shows that there was a fall beneath the support level at $3,840. The same chart shows that it broke beneath a major bullish trend line with a support level close to $3,830. There was a dip beneath the 50% Fibonacci correction level of the upswing from $3,730 swing low to $3,885 high.
ETH is currently trading at price levels beneath $3,840 as well as below the 100 hourly SMA. The bulls are doing their best close to the 61.8% Fibonacci correction level of the upswing from $3,730 swing low to $3,885 high.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $3,810. 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 provide momentum for more upswing. The immediate major barrier level is located at $3,920 and a move above it may lead to $4k.
The ability of the bulls to push ETH past $4k may prompt more upside moves for a visit to the barrier level at $4,080. If there are any additional gains, they may be able to pave the way for a move towards the barrier area at $4,200.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,840 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,765, while the immediate key support level exists close to the $3,750 area.
The major support level is located at $3,720. The ability of the bears to pull ETH clearly beneath the support level at $3,720 may bring about a move towards $3,650. If there are any additional losses, they may be able to pave the way for a move toward $3,550 over the coming few sessions.
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