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25/06/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that it was difficult for the bulls to initiate a new upside move past the $3,500 area. BTC’s move to the downside influenced ETH and the bears were able to pull it beneath $3,350. There was a pull beneath the support area at $3,320.
ETH reached levels as low as $3,230 prior to initiating the current correction of losses. The bulls pushed ETH somewhat above two barrier levels, including $3,300 and $3,320. There was a move past the 23.6% Fibonacci correction level of the latest downside move from $3,517 swing high to $3,230 low.
A look at its 1-hour chart shows that its performance remains beneath $3,450, as well as below the 100 SMA. ETH may encounter a barrier level close to $3,375 level or the 50% Fibonacci correction level of the latest downside move from $3,517 swing high to $3,230 low.
The initial key barrier level is close to $3,450. The same chart shows the formation of a major declining trend line with a barrier level close to $3,440. The key barrier level is located at $3,540.
If ETH breaks past the barrier level at $3,540, the bulls may be able to initiate more upside moves. The immediate major barrier level is located at $3,620 and a move above it may provide momentum for a push toward $3,650. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier area at $3,720 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,450 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,325, while the initial key support level is located close to the $3,240 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,240 may bring about a move towards $3,200. 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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