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10/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH against USD shows that the bears were able to pull it further beneath the support area at $3,660. There was a fall to price levels beneath $3,600 prior to the emergence of the bulls. ETH was able to reach levels as low as close to $3,574 prior to the bulls initiating the retracement of losses.
The bulls pushed ETH past two barrier levels, including $3,650 and $3,660. There was a push past the 50% Fibonacci correction level of the fall from $3,838 swing high to $3,574 low. Unfortunately, ETH could not close above $3,700.
A look at its 1-hour chart shows that its current performance is at levels beneath $3,740, as well as below the 100 SMA. The ability of the bulls to push it higher may lead to the barrier level close to $3,700.
The initial key barrier level is close to $3,740. The same chart shows the formation of a major declining trend line with a barrier level close to $3,740. Another observation is that the trend line is near the 61.8% Fibonacci correction level of the fall from $3,838 swing high to $3,574 low.
If ETH breaks past the barrier level at $3,740, the bulls may be able to initiate more upside moves. The immediate major barrier level is located at $3,800 and a move above it may provide momentum for a push to $3,840.
The ability of the bulls to push Ether past $3,840 may bring about an upside for a visit to the barrier level at $4,000. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier area at $4,080.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,740 could empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,660. The immediate key support level is close to the $3,640 area.
The key support level is located at $3,580. The ability of the bears to pull ETH clearly beneath the support level at $3,580 may bring about a move towards $3,500. If there are any additional losses, the bears may be able to pave the way for a move to $3,450 over the coming few sessions.
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