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27/06/24
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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 move to recover above $3,320. They pushed ETH clearly past $3,350, but the bears were doing their best close to $3,420. ETH was able to reach levels as high as $3,426 prior to the bears initiating a new downside move.
They pulled ETH beneath $3,380 and there was a dip beneath the 23.6% Fibonacci correction level of the upswing from $3,230 swing low to $3,426 high. There is a current attempt by the bulls to ensure that the bears do not pull ETH beneath $3,320.
A look at its 1-hour chart shows that its current performance is still beneath $3,400 as well as below the 100 SMA. ETH is encountering barrier levels close to the trend line and $3,400 on the way upward. The same chart shows the formation of a connecting declining trend line with a barrier level close to $3,400.
The initial key barrier level is close to $3,420 and the major barrier level is close to $3,450. If ETH closes past $3,450, the bulls may be strengthened to push it toward the barrier level at $3,550.
The immediate key barrier level is close to $3,620. If ETH breaks past the barrier level at $3,620, the bulls may be able to send it higher. The immediate barrier level is located at $3,680 and a move above it may provide momentum to rise towards $3,720. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier area at $3,880.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,400 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $3,350.
The initial key support level is located close to the $3,320 area, as well as near the 50% Fibonacci correction level of the upside move from $3,230 swing low to $3,426 high.
The ability of the bears to pull ETH clearly beneath the support level at $3,320 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 $3,200 over the coming few sessions.
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