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ETHUSD pared some of its gains despite weak US CPI data. It hit a high of $2782 at the time of writing and is currently trading at around $2723.
US CPI declined to 2.9% on yearly basis in July compared to a forecast of 3%, before 3%. On a monthly basis, it rose to 0.20% in line with the estimate. Core CPI came in at 3.2% y/y same as estimate. Core CPI M/M: 0.20% vs 0.20% estimate.
ETH ETF (9 spot ETF) witnessed an inflow of $4.93 million on Aug 12th led by Fidelity’s FETH hitting $3.98 million and Franklin Templeton attracted an inflow of $1 million.
The intraday bullishness is possible if it holds above $2800.On the higher side, the near-term resistance is 2800. Any significant jump above targets $3000/$3200. Significant bullish continuation only above $3400.
The immediate support is around $2500. Any breach below $2500 confirms bearish continuation. A dip to $2300/$2100/$1800/$1500 is possible. A violation below $1500 will drag the Ethereum to $1000.
It is good to buy on dips around $2650 with SL around $2500 for TP of $3000.
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