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04/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls could not bring about more upside moves past two barrier levels, including $3,450 and $3,420. The bears swung into action and initiated a new downside move beneath the support area at $3,320. They were able to pull ETH beneath two support levels, including $3,250 and $3,220.
There was an over five percent decline in the price of ETH as well as a visit to the support level at $3,150. ETH was able to reach levels as low as $3,156 prior to initiating the current consolidation of losses.
The bulls pushed ETH somewhat above the barrier level at $3,200. It is currently visiting the 23.6% Fibonacci correction level of the fall from $3,426 swing high to $3,156 low. A look at its 1-hour chart shows that its current performance is at levels beneath $3,300 as well as below the 100 SMA.
The ability of the bulls to initiate a move to recover may lead to the barrier level close to $3,250. The initial key barrier level is close to $3,300 or the 50% Fibonacci correction level of the fall from $3,426 swing high to $3,156 low.
The same chart shows the formation of a major declining trend line with a barrier level close to $3,325. The immediate key barrier level is close to $3,365. If ETH closes past $3,365, the bulls may be able to push it towards the barrier level at $3,450.
The immediate major barrier level is close to $3,500. If ETH breaks past the barrier level at $3,500, the bulls may bring about more upside moves. If there are any additional gains, they may be able to pave the way for a move towards the barrier area at $3,550.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,320 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $3,200, while the initial key support level is located close to the $3,150 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,150 may bring about a move towards $3,080. If there are any additional losses, they may be able to pave the way for a move towards $3,050 over the coming few sessions.
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