FxWirePro- Ethereum Daily Outlook

ETHUSD showed a minor sell-off after the ETH ETF approval. It hit a high of $3563 yesterday and is currently trading at around $3479.

SEC has given final approval for ETH ETF trading. The exchange NYSE Arca confirmed that Grayscale Ethereum and Bitwise ETH will commence trading on Tuesday. The CBOE informed that Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and 21Shares Core Ethereum ETF will start trading on Tuesday.

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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