FxWirePro- Ethereum Daily Outlook

ETHUSD trading higher for the past two days as the ETH ETF launch date nears. It hit a high of $3518 at the time of writing and is currently trading around $3460.

ETH staking trends show that around 60000 new depositors joined ahead of ETH ETF. According to Steno Research ETH ETF will be attracting $15-20 billion in the first 12 months.

The intraday bullishness is possible if it holds above $4000. On the higher side, the near-term resistance is $3500. Any significant jump above the target is $3700/ $4000/$4500/$5000. Significant bullish continuation only above $4800.

The immediate support is around $3200. Any breach below $3200 confirms bearish continuation. A dip to $3000/$2800 is possible. A violation below $2800 will drag the Ethereum to $2500/$2300/$2000.

It is good to buy on dips around $3200 with SL around $3000 for TP of $4500.

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