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23/05/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls remained active, extending the upside moves past two barrier levels, including $3,500 and $3,650. The performance of ETH was better than BTC, as the bulls pushed the former past $3,800. ETH was able to reach a fresh weekly high level at $3,838 prior to initiating the current consolidation of gains.
The bulls are sustaining the gains above the 23.6% Fibonacci correction level of the upswing from $3,065 swing low to $3,838 high. A look at its 1-hour chart shows that it is currently trading at levels above $3,700 as well as above the 100 SMA. The same chart shows the formation of a short-term contracting triangle with a support level at $3,690.
The next barrier level is close to $3,780 and the initial key barrier level is close to $3,840. If ETH breaks past the barrier level at $3,840, the bulls may be able to push it further to the upside. The immediate key barrier level exists at $3,920 and a move above it may provide sufficient momentum for a move towards $4,000.
The ability of the bulls to push BTC clearly past $4k may bring about more upside moves for a visit to the barrier level at $4,080. If there are any additional gains, the bulls may be able to pave the way for a move toward the barrier area at $4,200.
On the other hand, the failure of the bulls to push ETH clearly above the barrier level at $3,780 could empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,690, as well as near the trend line.
The immediate key support level is close to the $3,650 area. The ability of the bears to pull ETH clearly beneath the support level at $3,650 may bring about a move towards $3,450 or the 50% Fibonacci correction level of the upswing from $3,065 swing low to $3,838 high. If there are any additional losses, the bears may be able to pave the way for a fall toward $3,360 over the coming few sessions.
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