FxWirePro- Ethereum Daily Outlook

ETHUSD is trading flat after ETH ETF started trading yesterday. It hit a low of $3390 yesterday and is currently trading at around $3428.

DAY ONE in the books for ETH ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs on their first day and $ETHA did 25% of $IBIT's volume, According to Eric Balchunas Bloomberg analyst.

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 $3200 with SL around $3000 for TP of $4500.

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