FxWirePro- Ethereum Daily Outlook

ETH prices trade flat on mixed market sentiment.

It holds above significant support of $1703-$1833 (200 and 55-day EMA).

ETHUSD trading in a narrow range between $1737 and $1872 for the past ten days. The lack of progress in US debt negotiations between the US president and Mcgrathy prevented the Crypto markets from further upside. It hits an intraday high of $1872 and is currently trading around $1815.

Major economic data for the day

May 24th, 2023, FOMC Meeting minutes (6 pm GMT)

The bullish invalidation can happen if the pair closes below $1570. On the lower side, the near-term support is $1735. Any break below targets $1660/$1570/$1365. Significant downtrend if it breaks $800.

The immediate resistance stands at around $1960. Any breach above confirms a minor pullback. A jump to $1973/$2030 is possible. A surge past $2050 will take Ethereum to $2294/$2500.

It is good to buy on dips around $1750 with SL around $1650 for TP of $2400/$2500.