FxWirePro- Ethereum Daily Outlook

ETHUSD pared some of its gains on risk aversion. It hit a high of $3213 yesterday and is currently trading at around $3074.90.

The ease in US inflation is expected to positively impact ETH as the chance of a rate cut increases. The intraday bullishness is possible if it holds above $3300. On the higher side, the near-term resistance is $3300. Any significant jump above the target is $3325/$3520/$3700/ $4000/$4500/$5000. Significant bullish continuation only above $4800.

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

It is good to buy on dips around $2850-60 with SL around $2750 for TP of $4500.

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