FxWirePro- ETHUSD Daily outlook

FxWirePro- Ethereum Daily Outlook

ETHUSD has consolidated between $3973 and $3700 despite BTC's bullish trend.It hit a high of $3840 yesterday and is currently trading around $3803.

The Volatility Shares 2x Ether Strategy ETF (ETHU) will become the first leveraged ETH futures to be traded in CBOE from June 4th before launch of ETH ETF.

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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