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31/07/24
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Technical Outlook on the Performance of Ether (ETH)
The bulls could not push ETH/USD clearly above the barrier area at $3,400, so the bears swung into action and initiated a downside retracement. There was a move beneath two support levels, including $3,330 and $3,300, for entry into a short-term declining area.
A look at its 1-hour chart shows it broke beneath a major bullish trend line with support level at $3,295. There was a spike beneath the support area at $3,250. ETH was able to reach levels as low as $3,231 prior to initiating the current consolidation of losses. There was a bit of recovery followed by a move above $3,280.
ETH was able to visit the 50% Fibonacci correction level of the fall from $3,362 swing high to $3,231 low. The same chart shows that its current performance is at levels beneath $3,300 as well as below the 100 SMA.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $3,300, as well as near the 100 SMA. The initial key barrier level is close to $3,330, as well as the 76.4% Fibonacci correction level of the fall from $3,362 swing high to $3,231 low.
The immediate major barrier level is close to $3,350. If ETH closes past $3,350, the bulls may be able to push it towards the barrier level at $3,400. The immediate key barrier level is close to $3,500. If ETH breaks past the barrier level at $3,500, the bulls may be able to push it higher towards the barrier area at $3,650 over the coming few sessions.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,330 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $3,250. The initial key support level is located close to the $3,230 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,230 may bring about more downside moves toward $3,180. 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 key support level is located at $3,020.
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