FxWirePro- Ethereum Daily Outlook

ETHUSD trades below $3000 despite upbeat market sentiment. It hit a low of $2864 at the time of writing and is currently trading around $2960.

JP Morgan said that the SEC will approve ETH ETF despite scrutiny faced by Robinhood. Markets eye the SEC ETH ETF approval deadline of May 23rd, 2024 for further movement.

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 $3300/$3360/$3400/$3500/$3620/$3700/$3800/$4000. Significant bullish continuation only above $4800.

The immediate support is around $2800. Any breach below $2800 confirms bearish continuation. A dip to $2700/$2500 is possible. A violation below $2500 will drag the Ethereum to $2300/$2000.

It is good to buy on dips around $2800 with SL around $2500 for TP of $4000.

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