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18/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls were unable to provide momentum for a move past two barrier levels, including $3,580 and $3,650. The bears swung into action and then pulled ETH beneath the support level at $3,500. ETH was pulled steeply beneath $3,420, but the bulls were doing their best close to $3,350.
The bears compelled ETH to reach levels as low as close to $3,350 prior to the bulls initiating a move back upwards. ETH moved past two barrier levels, including $3,380 and $3,400. There was a clear push past the 23.6% Fibonacci correction level of the fall from $3,649 swing high to $3,350 low.
A look at its 1-hour chart shows that its current performance is at levels beneath $3,550, as well as below the 100 SMA. The same chart shows the potential formation of a double-bottom pattern as well as an upswing towards the barrier level at $3,700. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $3,460.
The initial key barrier level is close to $3,500 or the 50% Fibonacci correction level of the downswing from $3,649 swing high to $3,350 low. The same chart shows the formation of a connecting declining trend line with a barrier level close to $3,500.
The bulls may be able to initiate more upside moves if ETH breaks past the barrier level at $3,500. The immediate major barrier level is located at $3,580 and a move above it may provide sufficient momentum for a push toward $3,650.
The ability of the bulls to push ETH clearly past $3,650 may bring about a move toward the barrier level at $3,720. If there are any additional gains, they may be able to pave the way for a move toward the barrier area at $3,800.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,500 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,380, while the initial key support level is located at $3,350.
The ability of the bears to pull ETH clearly beneath the support level at $3,350 may bring about a move toward $3,250. If there are any additional losses, they may be able to pave the way for a move toward $3,120 over the coming few sessions.
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