Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

TOP SEARCHES

Stocks popular

Crypto

Currencies

CFD

Support

Technical Outlook on the Performance of Ether (ETH)

image
icon 01/07/24
icon 138

Technical Outlook on the Performance of Ether (ETH)

A look at the chart of ETH/USD shows that the bulls were able to initiate a modest move to recover above $3,400. They were able to push ETH clearly past $3,420 for entry into a short-term positive area.

A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level close to $3,415. There was a clear push past the barrier area at $3,500 and ETH reached levels as high as $3,516 prior to initiating current consolidation of gains.

The bears pulled ETH beneath $3,500 but sustained it above the 23.6% Fibonacci correction level of the upswing from $3,350 swing low to $3,516 high. The same chart shows that its current performance is at levels above $3,450, as well as above the 100 SMA.

The chart shows positive price action with signs of more upside moves. ETH is encountering a barrier level close to $3,500 on the way upwards. The initial key barrier level is close to $3,520, while the immediate key barrier level is close to $3,550.

If ETH closes past $3,550, the bulls may be able to push ETH towards the barrier level at $3,650. The immediate major barrier level is close to $3,720. If ETH breaks past the barrier level at $3,720, the bulls may be able to initiate more upside moves. If there are any additional gains, they may be able to push ETH towards the barrier area at $3,880.

On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,550 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,480.

The initial key support level exists close to the $3,440 area as well as near the 50% Fibonacci correction level of the upswing from $3,350 swing low to $3,516 high. The ability of the bears to pull ETH clearly beneath the support level at $3,420 may bring about a move towards $3,350. If there are any additional losses, they may be able to pave the way for a move toward $3,320 over the coming few sessions.

Recomended for you

image

Crude Prices Drop After IEA Monthly Report

On Wednesday, crude prices dropped and gave back earlier gains after the IEA reduced its forecast for this year’s demand...

May 15, 2024
icon 271
May 15, 2024
icon 271
prev next
This site is registered on wpml.org as a development site.