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15/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls were able to initiate a steady upside move past the barrier area at $3,150. There was a push past the barrier level at $3,250 for entry into a positive area. ETH eventually rose above the barrier level at $3,300.
There was a visit to the barrier area at $3,250. ETH hit levels as high as $3,339 prior to initiating current consolidation of gains. It seems the bulls are doing their best above the 23.6% Fibonacci correction level of the upswing from $3,084 swing low to $3,339 high.
A look at its 1-hour chart shows that its current performance is at levels above $3,280, as well as above the 100 SMA. The same chart shows the formation of a connecting bullish trend line with a support level at $3,270.
ETH is encountering a barrier level close to $3,340 on the way upwards. The initial key barrier level is close to $3,350, while the immediate key barrier level is close to $3,420. If ETH closes past $3,420, the bulls may be able to push it towards the barrier level at $3,500.
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 pave the way for a move towards the barrier level at $3,650 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,340 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,270, as well as near the trend line. The initial key support level is located close to the $3,220 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,220 may bring about a move towards $3,200 or the 50% Fibonacci correction level of the upswing from $3,084 swing low to $3,339 high. If there are any additional losses, the bears may be able to pave the way for a move towards the support level at $3,150 over the coming few sessions. The immediate key support level is located at $3,050.
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