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28/05/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the activities of traders continued to provide support at price levels above the support area at $3,650. The bulls were able to initiate a new upside move, prompting a performance better than BTC, as well as a push past $3,750.
ETH was pushed past the barrier level at $3,850, as well as above the barrier level at $3,940. It was able to move near the barrier level at $4,000. ETH reached levels as high as close to $3,973 prior to the bears initiating current correction of gains. The bears pulled ETH somewhat beneath $3,920.
There was a dip beneath the 23.6% Fibonacci correction level of the upswing from $3,630 swing low to $3,973 high. A look at its 1-hour chart shows that its current performance is at levels above $3,850, as well as above the 100 hourly SMA. The same chart shows the formation of a key bullish trend line with a support level at $3,860.
The next barrier level on the way upward is close to $3,940 and the initial key barrier level is close to $3,970. If ETH breaks past the barrier level at $3,970, the bulls may be able to push it further to the upside. The immediate major barrier level is located at $4,000 and a move above it may provide sufficient momentum for a push to $4,080.
The ability of the bulls to push ETH clearly past $4,080 may prompt more upside moves as well as a visit to the barrier level at $4,220. If there are any additional gains, the bulls may be able to pave the way for a move to the barrier area at $4,350.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $3,940 could empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $3,860, as well as near the trend line.
The immediate key support level is close to the $3,800 area or the 50% Fibonacci correction level of the upswing from $3,630 swing low to $3,973 high. The ability of the bears to pull ETH clearly beneath the support level at $3,800 may bring about a move to $3,720. If there are any additional losses, the bears may be able to pave the way for a move toward $3,630 over the coming few sessions.
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