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17/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bears were able to extend bearish moves beneath the barrier levels at $3,550 and $3,500. Fortunately, the bulls stood their ground at price levels close to the $3,350 area.
ETH was pulled to levels as low as $3,364 prior to the bulls initiating a new move to the upside, prompting a performance better than BTC. The bulls pushed ETH past two barrier levels, including $3,450 and $3,550.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level close to $3,550. There was a push past $3,600, followed by a visit to the barrier level at $3,650.
ETH was able to reach levels as high as $3,649 prior to the bears initiating a retracement to levels beneath $3,620. There was a fall beneath the support level at $3,600 as well as below the 23.6% Fibonacci correction level of the upswing from $3,364 swing low to $3,649 high.
Its current performance is at levels above $3,550 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 $3,620. The initial key barrier level is close to $3,650.
The bulls may be able to initiate more upside moves if ETH breaks past the barrier level at $3,650. The immediate major barrier level is located at $3,720 and a move above it may provide sufficient momentum for an upswing toward $3,800.
The ability of the bulls to push ETH clearly past $3,800 may bring about a move to the barrier level at $3,880. If there are any additional gains, they may be able to pave the way for a move toward the barrier area at $3,950.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,620 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,550. The initial key support level exists at $3,500, as well as the 50% Fibonacci correction level of the upswing from $3,364 swing low to $3,649 high.
The ability of the bears to pull ETH clearly beneath the support level at $3,500 may bring about a move to $3,420. If there are any additional losses, they may be able to pave the way for a fall towards $3,365 over the coming few sessions.
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