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FxWirePro- Ethereum Daily Outlook

Tue, 23 Apr 2024, 02:56 am UTC

ETHUSD has trading in a narrow range between $2845 and $3280 for the past ten days. It hit a high of $3236 at the time of writing and is currently trading around $3203.

The correlation of ETH with the German market DAX increased to 0.70, S&P 500 and NASDAQ reached 0.77 and 0.70 respectively.

The intraday bullishness is possible if it holds above $3300. On the higher side, the near-term resistance is $3280. Any significant jump above the target is $3400/$3500/$3620/$3700/$3800/$4000. Significant bullish continuation only above $4800.

The immediate support is around $3100. Any breach below $3100 confirms bearish continuation. A dip to $3000/$2700 is possible. A violation below $2700 will drag the Ethereum to $2500/$2300.

It is good to buy on dips around $3000 with SL around $2800 for TP of $4000.

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