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27/05/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the activities of traders prompted stability at price levels above the support area at $3,540. The bears pulled ETH downward, leading to the formation of a base prior to the bulls initiating a new upside move past $3,650.
ETH’s performance was better than BTC, with the bulls pushing it past the barrier level at $3,750. There was a push past the 50% Fibonacci correction level of the fall from $3,944 swing high to $3,530 low. A look at its 1-hour chart shows the formation of a major bullish trend line with a support level at $3,780.
The same chart shows that its current performance is at levels above $3,750, as well as above the 100 SMA. Likewise, it is above the 76.4% Fibonacci correction level of the fall from $3,944 swing high to $3,530 low.
The next barrier level is close to $3,880, while the initial key barrier level is close to $3,920. If ETH breaks past the barrier level at $3,920, the bulls may be able to initiate more upside moves. The immediate major barrier level is located at $4k and a move above it may provide sufficient momentum for a push toward $4,080.
The ability of the bulls to push ETH clearly past $4,080 may bring about more upside moves, followed by a visit to the barrier level at $4,220. If there are any additional gains, ETH may be pushed toward the barrier area at $4,350.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,880 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,800, as well as near the trend line.
The immediate key support level exists close to the $3,735 area. The ability of the bears to pull it clearly beneath the support level at $3,735 may bring about a move toward $3,630. If there are any additional losses, the bears may be able to pave the way for a move toward $3,540 over the coming few sessions.
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