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FxWirePro- Ethereum Daily Outlook

Fri, 05 Jul 2024, 01:27 am UTC

ETHUSD trades weak following the footsteps of BTC.It hit a low of $3123 at the time of writing and is currently trading at around $3164.

Asst manager Bitwise filed its S-1 registration yesterday well ahead of the deadline of Jul 8th, 2024. Markets anticipate ETH ETF trading will start by Jul end.

The intraday bullishness is possible if it holds above $3550. On the higher side, the near-term resistance is $3550. Any significant jump above the target is $3700/ $4000/$4500/$5000. Significant bullish continuation only above $4800.

The immediate support is around $3100. Any breach below $3100 confirms bearish continuation. A dip to $3000/$2800 is possible. A violation below $2800 will drag the Ethereum to $2500/$2300/$2000.

It is good to buy on dips around $3000 with SL around $2800 for TP of $4500.

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