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FxWirePro- Ethereum Daily Outlook
ETH prices surged sharply after a long consolidation.
ETHUSD jumped more than $500 from its temporary bottom of $2101. The Ethereum developers said that the "Cancun-Deneb"(also known as Decun) upgrade will be tested on the Georil test net on Jan 17th, 2024. It hit a high of $2666 at the time of writing and is currently trading around $2657.
The intraday weakness can be seen if it breaks below $2400. On the lower side, the near-term support is $2545. Any break below targets $2400/$2350/$2200. Significant downtrend if it breaks $1900
The immediate resistance stands at around $2700. Any violation above $2700 confirms a minor jump to 3000/$3580 is possible. A surge past $3600 will take Ethereum to $4000/$4800
It is good to buy on dips around $2500 with SL around $2350 for TP of $3580.
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