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23/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the activity of traders ensured sustenance within a bullish area above the barrier level at $3,420. There was a new attempt to push ETH clearly above the barrier level at $3,550 but did not work. The bears swung into action and then initiated a move to the downside, prompting a visit to $3,425.
ETH was able to reach levels as low as close to $3,427 prior to a turn to the upside. The bulls pushed ETH past $3,450 and there was a move above the 23.6% Fibonacci correction level of the fall from $3,563 swing high to $3,427 low.
A look at its 1-hour chart shows the formation of a major bullish trend line with a support level at $3,440. Its current performance is at levels above $3,450, as well as above the 100 hourly SMA.
The ability of the bulls to sustain ETH above the 100 hourly SMA may bring about an attempt to push it higher. ETH is encountering a barrier level close to $3,500 or the 50% Fibonacci correction level of the fall from $3,563 swing high to $3,427 low on the way downward.
The initial key barrier level is close to $3,550, while the immediate key barrier level is close to $3,565. If ETH closes past $3,565, the bulls may be able to push it towards the barrier level at $3,650. The immediate major barrier level is close to $3,720. If ETH breaks past the barrier level at $3,720, the bulls may be able to pave the way for a move towards the barrier level at $3,800 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,500 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,460. The initial key support level is located close to the $3,440 area, as well as near the trend line.
The ability of the bears to pull ETH clearly beneath the support level at $3,440 may bring about a move towards $3,420. If there are any additional losses, they may be able to pave the way for a move towards the support level at $3,350 over the coming few sessions. The immediate major support level is located at $3,320.
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