FxWirePro- Ethereum Daily Outlook

ETHUSD has consolidated between $3973 and $3700for past one week.It hit a high of $3850 yesterday and is currently trading around $3756.

According to data from CryptoQuant, Kraken has seen a outflows of 572000 ETH as launch of ETH ETF came closer.

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 $3700. Any breach below $3700 confirms bearish continuation. A dip to $3500/$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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