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29/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the activities of the bears prompted the formation of a base past the support area at $3,080. ETH was able to reach levels as low as $3,087 prior to the bulls initiating a modest upside move past the barrier area at $3,220. However, ETH could not gather sufficient momentum to move higher like BTC.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level at $3,280. The bulls pushed ETH clearly past the 50% Fibonacci correction level of the fall from $3,540 swing high to $3,087 low.
Its current performance is at levels above $3,250 as well as above the 100 hourly SMA. The ability of the bulls to bring about more upside moves could lead to the barrier level close to $3,375 or the 61.8% Fibonacci correction level of the fall from $3,540 swing high to $3,087 low.
The initial key barrier level is close to $3,400, while the immediate key barrier level is close to $3,450. If ETH closes past $3,450, the bulls may be able to push it toward the barrier level at $3,500. The immediate major barrier level is close to $3,550.
If it breaks past the barrier level at $3,550, the bulls may be able to pave the way for a more significant upside move towards the barrier level at $3,720 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,400 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,280, while the initial key support level is located close to the $3,250 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,180 may bring about more downside moves to $3,120. If there are any additional losses, they may be able to pave the way for a move towards the support level at $3,080 over the coming few sessions. The immediate major support level is located at $3,050.
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