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ETHUSD is trading sideways with a bullish bias. It hit a high of $3657 yesterday and is currently trading around $3511.
The Securities and Exchange Commission (SEC) Chairman Gary Gensler said that ETHT ETF S-1s will likely get approval by the end of the summer.
According to CryptoQuant, around 542000 ETH moved out of exchange on June 11th. But the number of ETH withdrawn from Exchanges decreased by half on June 12th. This confirms Ethereum trend is directionless.
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 $3300. Any breach below $3500 confirms a 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 $3300 with SL around $3000 for TP of $4500.
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