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FxWirePro- Ethereum Daily Outlook

Tue, 11 Jun 2024, 02:19 am UTC

ETHUSD pared some of its gains on strong US dollar.It hit a low of $3575 yesterday and is currently trading around $3672.

Asset manager ProShares submitted a19b-4 form with SEC on Thrusday. Before commencement of trading applicants must get approval for their S-1 registration. Markets eagerly await launch ate of ETH ETF.

The intraday bullishness is possible if it holds above $4000. On the higher side, the near-term resistance is $4000. Any significant jump above the target is $4500/$5000. Significant bullish continuation only above $4800.

The immediate support is around $3500. Any breach below $3500 confirms bearish continuation. A dip to $3200/$3000/$2800 is possible. A violation below $2800 will drag the Ethereum to $2500/$2300/$2000.

It is good to buy on dips around $3500 with SL around $3200 for TP of $4500.

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