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05/07/24
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Technical Outlook on the Performance of Ether (ETH)
A look at the chart of ETH/USD shows that the bulls were unable to initiate a new move to recover above two barrier levels, including $3,150 and $3,200. Hence, the bears swung into action and then initiated a downside move beneath the support area at $3,120. The bears pulled BTC beneath two support levels, including $3,050 and $3,000.
The price of ETH has declined by more than nine percent as the bears ensured a visit to the support level at $2,850. ETH was able to hit levels as low as $2,862 prior to initiating the current consolidation of losses. There are several declining signs and the altcoin’s performance is quite beneath the 23.6% Fibonacci correction level of the fall from $3,425 swing high to $2,860 low.
A look at its 1-hour chart shows that its current performance is at levels beneath $3,000 as well as below the 100 SMA. The ability of the bulls to initiate a move to recover back to the upside may lead to the barrier level close to $2,960. The initial key barrier level is close to $3,000.
A look at its 1-hour chart shows the formation of a major declining trend line with a barrier level close to $3,000. The immediate major barrier level is close to $3,120 or the 50% Fibonacci correction level of the fall from $3,425 swing high to $2,860 low.
If ETH closes past $3,120, the bulls may be able to push it towards the barrier level at $3,200. The immediate key barrier level is close to $3,250. If ETH breaks past the barrier level at $3,250, the bulls may be able to pave the way for a move towards the barrier area at $3,350.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3k may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $2,850, while the initial key support level is located close to the $2,800 area.
The ability of the bears to pull ETH clearly beneath the support level at $2,800 may bring about a move towards $2,720. If there are any additional losses, the bears may be able to pave the way for a move towards $2,650 over the coming few sessions.
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