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20/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls were able to initiate a modest upside move from the support area at $3,350. The activities of the bears prompted the formation of a base prior to the bulls pushing ETH past two barrier levels, including $3,450 and $3,500. ETH’s performance was better than BTC as there was a break past the barrier level at $3,550.
The bears are currently doing their best at price levels beneath $3,600. ETH was able to reach levels as high as $3,586 prior to initiating current consolidation of gains. The bears pulled ETH somewhat to levels beneath $3,550 and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $3,350 swing low to $3,586 high.
A look at its 1-hour chart shows that its current performance is at levels above $3,500, as well as above the 100 SMA. The same chart shows the formation of a short-term rising channel with a barrier level close to $3,585.
ETH may encounter a barrier level close to $3,580 or near the channel area on the way upward. The initial key barrier level is close to $3,620, while the major barrier level is located at $3,650. If ETH breaks past the barrier level at $3,650, the bulls may be able to initiate more upside moves.
The immediate key barrier level is located at $3,720 and a move above it may provide sufficient momentum for an upswing toward $3,750. The ability of the bulls to push BTC clearly past $3,750 may bring about a move towards 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 $3,600 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $3,520, as well as near the channel trend line. The initial key support level exists at $3,500.
The ability of the bears to pull ETH clearly beneath the support level at $3,500 may bring about a move toward $3,465 or the 50% Fibonacci correction level of the upswing from $3,350 swing low to $3,586 high. If there are any additional losses, they may be able to pave the way for a move toward $3,400 over the coming few sessions.
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