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09/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bears ensured another visit to the support area at $2,820. It appears that a base is being formed above $2,820 and ETH started consolidating in recent times. The bulls were able to initiate a recovery move past two barrier levels, including $2,880 and $2,920.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level close to $2,960. There was a visit to the barrier area at $3,080. ETH was able to reach levels as high as $3,072 and the bulls may be able to push it higher over the coming few sessions.
Its current performance is at levels above $3,000, as well as above the 100 hourly SMA. Likewise, its performance is above the 23.6% Fibonacci correction level of the upside move from $2,894 swing low to $3,072 high.
The ability of the bulls to initiate a new recovery move may lead to a barrier level close to $3,080. The initial key barrier level is close to $3,150, while the immediate key barrier level is close to $3,200. If ETH closes past $3,200, the bulls may be able to push it toward the barrier level at $3,320.
The immediate key barrier level is close to $3,350. If ETH breaks past the barrier level at $3,350, the bulls may be able to pave the way for a move towards the barrier level at $3,500.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,150 may empower the bears to initiate a new move to the downside. The first support on the way downward is close to $3,020. The initial major support level is located close to the $2,960 area as well as near the 61.8% Fibonacci correction level of the upswing from $2,894 swing low to $3,072 high.
The ability of the bears to pull ETH clearly beneath the support level at $2,960 may bring about a move toward $2,880. If there are any additional losses, the bears may be able to pave the way for a move toward $2,820 over the coming few sessions.
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