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11/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls tried to initiate a modest upside move past the barrier area at $3,650. There was a spike past $3,700 but the bears were doing their best. ETH was able to reach levels as high as $3,710 prior to the bears initiating a new move to the downside.
The bears initiated a steep downside move beneath two support levels, including $3,660 and $3,650. ETH hit levels as low as close to $3,565 prior to initiating the current consolidation of losses. A look at its 1-hour chart shows that its current performance is at levels beneath $3,650, as well as below the 100 SMA.
The ability of the bulls to initiate a new move to the upside may lead to a barrier level close to the 23.6% Fibonacci correction level of the fall from $3,710 swing high to $3,565 low. The initial key barrier level exists close to $3,640.
The same chart shows the formation of a key declining trend line with a barrier level close to $3,680. Likewise, the trend line is near the 61.8% Fibonacci correction level of the fall from $3,710 swing high to $3,565 low.
If ETH breaks past the barrier level at $3,680, the bulls may be able to initiate more upside moves. The immediate key barrier level exists at $3,720 and a move above it may provide momentum for an upswing toward $3,750.
The ability of the bulls to bring about a move past $3,750 may push ETH further higher for a visit to the barrier level at $3,800. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier area at $3,880.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,650 could empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,550. The immediate key support level is close to the $3,520 area.
The major support level is located at $3,500. The ability of the bears to pull ETH clearly beneath the support level at $3,500 may bring about a move towards $3,320. If there are any additional losses, the bears may be able to pave the way for a move towards $3,250 over the coming few sessions.
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