The bears were able to pull ETH/usd further to the downside beneath the support area at $3,250. There was a decline to levels beneath $3,150, as well as a visit to the support area at $3,080. ETH was able to reach levels as low as $3,087 prior to the bulls initiating current upside move.
However, the attempt to push ETH further to the upside lacks sufficient momentum. The bulls pushed ETH above the barrier level at $3,200. There was a clear move past the 23.6% Fibonacci correction level of the fall from $3,500 swing high to $3,087 low.
A look at its 1-hour chart shows that it broke past a connecting declining trend line with a barrier level at $3,220. However, its current performance remains beneath $3,350, as well as below the 100 hourly SMA. The ability of the bulls to initiate more upside moves may lead to the barrier level close to $3,300.
The initial key barrier level is close to $3,350, the 100 hourly SMA, as well as near the 61.8% Fibonacci correction level of the fall from $3,500 swing high to $3,087 low. The immediate major barrier level is close to $3,400. ETH may be pushed towards the barrier level at $3,500 if it closes past $3,400.
The immediate key barrier level is close to $3,550. If ETH breaks past the barrier level at $3,550, the bulls may be able to pave the way for a move toward the barrier level at $3,720 over the coming several sessions.
On the other hand, the failure of the bulls to push ETH clearly above the barrier level at $3,300 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $3,185. The initial major support is located close to the $3,120 area.
The ability of the bears to pull ETH clearly beneath the support level at $3,120 may prompt a move towards $3,080. If there are any additional losses, the bears may be able to pave the way for a move toward the support level at $3,020 over the coming few sessions. The immediate key support level is located at $2,950.
