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FxWirePro- Ethereum Daily Outlook

Thu, 11 Jul 2024, 03:19 am UTC

RSI (Daily) - Hidden Bullish divergence

ETHUSD trades above the $3000 level as the ETH ETF launch date nears. It hit a high of $3113 yesterday and is currently trading at around $3061.

“We’re seeing in the S-1 amendments that there are fewer and fewer issues that are being vetted back and forth between issuers and the SEC,” Dowling told Bloomberg on July 9.

The intraday bullishness is possible if it holds above $3200. On the higher side, the near-term resistance is $3200. Any significant jump above the target is $3325/$3520/$3700/ $4000/$4500/$5000. Significant bullish continuation only above $4800.

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

It is good to buy on dips around $2850-60 with SL around $2750 for TP of $4500.

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