FxWirePro- Ethereum Daily Outlook

ETHUSD hits a multi-month high on upbeat market sentiment. It hit a high of $3973 yesterday and is currently trading around $3893.50.

The US Security Exchange Commission (SEC) approved 19b-4 applications from major players such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, etc on May 23rd.

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 $3500. Any breach below $3500 confirms a bearish continuation. A dip to $3200/$2800 is possible. A violation below $2800 will drag the Ethereum to $2500/$2300/$2000.

It is good to buy on dips around $3700 with SL around $3500 for TP of $4500.

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