FxWirePro- Ethereum Daily Outlook

ETH prices showed a minor sell-off after forming a double top around $2450.

ETHUSD is consolidating in a narrow range between $2447 and $2115 for the past four weeks. According to Santiment data, ETH supply on exchange accounts for 8.04% which is the lowest since Genesis, and the number of active addresses has increased in Ether. This shows a positive sentiment prevailing in Ethereum. It hit a low of $2101 and is currently trading around $2200.

The bullish invalidation can happen if the pair closes below $1870. On the lower side, the near-term support is $2080. Any break below targets $1870. Significant downtrend if it breaks $1500.

The immediate resistance stands at around $2500. Any breach above confirms a minor pullback. A jump to $2875/$3000 is possible. A surge past $3000 will take Ethereum to $3350/$3500.

It is good to buy on dips around $2100-05 with SL around $1870 for TP of $2500/$2875.

TokenPost | [email protected]