FxWirePro- Ethereum Daily Outlook

ETHUSD is consolidating after one month of a bearish trend. It hit a low of $3233 yesterday and is currently trading around $3378.

According to Hougan Bitwise CIO, ETH ETF is expected to attract $15 billion in its first 18 months. US investment management firm VacEck filed a Form-8-A with the SEC for its spot ETH ETF.

The intraday bullishness is possible if it holds above $4000. On the higher side, the near-term resistance is $3500. Any significant jump above the target is $3700/ $4000/$4500/$5000. Significant bullish continuation only above $4800.

The immediate support is around $3200. Any breach below $3200 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 $3200 with SL around $3000 for TP of $4500.

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