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11/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls were able to extend the move to recover to the upside above the barrier area at $3,000. There was a push past the barrier level at $3,050. A look at its 1-hour chart shows that it broke past a short-term bullish flag with a barrier level close to $3,090.
There was a spike past the barrier level at $3,110, prompting a performance better than BTC. ETH was able to visit the barrier area at $3,150. The altcoin hit levels as high as $3,149 prior to initiating the current consolidation of gains. The bears pulled ETH somewhat beneath $3,120 and there was a visit to the 23.6% Fibonacci correction level of the upswing from $2,895 swing low to $3,149 high.
Its current performance is at levels above $3,050, as well as above the 100 hourly SMA. ETH is encountering a barrier level close to $3,120 on the way upwards. The initial key barrier level is close to $3,150.
The immediate key barrier level is close to $3,220. If ETH closes past $3,220, the bulls may be able to push it towards the barrier level at $3,320. The immediate major barrier level is close to $3,400. If ETH breaks past the barrier level at $3,400, the bulls may be able to pave the way for a more upside move towards the barrier area at $3,500 over the coming several sessions.
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 level on the way downward is close to $3,080.
The initial key support level is located close to the $3,020 area, as well as near the 50% Fibonacci correction level of the upswing from $2,895 swing low to $3,149 high. The ability of the bears to pull ETH clearly beneath the support level at $3,020 may bring about a move towards $2,955. If there are any additional losses, they may be able to pull ETH towards the support level at $2,880 over the coming few sessions.
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