FxWirePro- ETHUSD Daily Outlook

ETHUSD trades flat ahead of ETH ETF approval. It hit a high of $3563 yesterday and is currently trading at around $3504.

Markets expect ETH ETF approval today for further direction.The intraday bullishness is possible if it holds above $3630 (61.8 fib retracement of $4085 and $2814).On the higher side, the near-term resistance is $3575. Any significant jump above the target is $3630/$3700/ $4000/$4500/$5000. Significant bullish continuation only above $4800.

The immediate support is around $3400. Any breach below $3400 confirms 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 $3400 with SL around $3200 for TP of $4500.

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