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19/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that it was sustained above the support area at $3,350. The activities of the bears prompted the formation of a base prior to the bulls initiating a new upside move. Further, the bears ensured the formation of a double-bottom pattern close to $3,350.
ETH’s performance was better than BTC as it was able to break past the barrier level at $3,450. ETH was pushed clearly past the 50% Fibonacci correction level of the fall from $3,650 swing high to $3,350 low. A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level close to $3,460.
Its current performance is at levels above $3,450, as well as above the 100 hourly SMA. There are signs that the bulls may bring about more upside moves past $3,535. ETH may encounter a barrier level close to $3,580 or the 76.4% Fibonacci correction level of the fall from $3,650 swing high to $3,350 low.
The initial key barrier level is close to $3,650. The bulls may be able to push it higher if it breaks past the barrier level at $3,650. The immediate key barrier level is located at $3,720 and a move above it may provide momentum for a push toward $3,750.
The ability of the bulls to push ETH clearly past $3,750 may bring about a move toward 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 $4,000 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,580 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,500, while the initial key support level exists at $3,450.
The ability of the bears to pull ETH clearly beneath the support level at $3,450 may bring about a move to $3,350. If there are any additional losses, they may be able to pave the way for a move toward $3,220 over the coming few sessions.
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