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03/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls are finding it difficult to push it higher past two barrier levels, including $3,520 and $3,550. It was able to reach levels as high as close to $3,520 prior to the bears initiating a new move to the downside. They pulled ETH beneath two support levels, including $3,450 and $3,420.
There was a move to levels beneath the 50% Fibonacci correction level of the upswing from $3,351 swing low to $3,516 high. ETH has lost almost all its gains and the bears may sustain its downside move to levels beneath the support area at $3,350.
A look at its 1-hour chart shows that its performance is still beneath $3,400, as well as beneath the 100 hourly SMA. Likewise, its performance is below the 76.4% Fibonacci correction level of the upswing from $3,351 swing low to $3,516 high.
The ability of the bulls to initiate a move to recover back to the upside may lead to the barrier level at $3,400. The same chart shows the formation of a major declining trend line with a barrier level close to $3,410. The initial key barrier level is close to $3,435.
The immediate key barrier level is close to $3,465. If ETH closes past $3,465, the bulls may be able to push it to the barrier level at $3,520. The immediate major barrier level is close to $3,550.
If ETH breaks past the barrier level at $3,550, the bulls may be able to push it higher. If there are any additional gains, they may be able to pave the way for a move towards the barrier area at $3,650.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,410 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $3,365. The initial key support level is located close to the $3,350 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,350 may bring about a decline towards $3,250. If there are any additional losses, they may be able to pave the way for a move towards $3,120 over the coming few sessions.
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