01/07/24

1345

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.