FxWirePro- Ethereum Daily Outlook

ETHUSD showed a minor sell-off following the footsteps of BTC.It hit a low of $3770 at the time of writing and is currently trading around $3790.30.

The Volatility Shares 2x Ether Strategy ETF (ETHU) volume tripled on its second day of trading. It hit $15 million in the second day from $5 million on its first day.

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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