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24/05/24
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Technical Outlook on the Performance of Ether (ETH)
The ETH/USD chart shows that the bulls were able to extend the upside moves past two barrier levels, including $3,700 and $3,750. ETH’s performance was better than BTC and there was a push past $3,880. ETH was able to reach a fresh weekly high level at $3,943 prior to the bears initiating a steep move to the downside.
There was a fall beneath $3,800 and $3,750. ETH reached levels as low as $3,530, prompting recovery of most losses. Its current performance is above the 50% Fibonacci correction level of the fall from $3,943 swing high to $3,530 low.
A look at its 1-hour chart shows that its current performance is at levels above $3,720 as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $3,720.
The next barrier level is close to $3,845 or the 76.4% Fibonacci correction level of the fall from $3,943 swing high to $3,530 low. The initial key barrier level is close to $3,880. If ETH breaks past the barrier level at $3,880, the bulls may be able to push it further to the upside.
The immediate major barrier level is located at $3,940 and a move above it may provide sufficient bullish momentum to rise to $4,000. The ability of the bulls to push ETH clearly above $4k may prompt more upside moves, followed by 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 to the barrier area at $4,200.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,840 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,720, as well as near the trend line.
The immediate key support level is close to the $3,620 area. The ability of the bears to pull ETH clearly beneath the support level at $3,620 may bring about a move to $3,550. If there are any additional losses, they may be able to pave the way for a move to $3,390 over the coming few sessions.
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