FxWirePro- Ethereum Daily Outlook

ETHUSD trades weak as Canada launches staked ETH ETF. It hit a high of $3651 yesterday and is currently trading around $3523.

Canada has launched a second staked ETH ETF after the launch of 3iq last year.SEC approved ETH ETF issuers on May 23rd.It will go live on or before July 2nd, 2024. 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 $3300. Any breach below $3500 confirms a bearish continuation. A dip to $3200/$3000/$2800 is possible. A violation below $2800 will drag the Ethereum to $2500/$2300/$2000.

It is good to buy on dips around $3300 with SL around $3000 for TP of $4500.

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