ETH prices spiked higher more than 12% yesterday following the footsteps of BTC
It holds above significant trend line resistance of $1380.
ETHUSD traded higher for seven consecutive days and jumped more than $200 on strong crypto markets. The demand for riskier assets increased as Fed halted aggressive rate hikes. It hits an intraday high of $1418 and is currently trading around $1401.
The bearish invalidation can happen if the pair closes above $1510. On the lower side, the near-term support is $1260. Any close below targets $1150/$1070. Significant downtrend if it breaks $800.
The immediate resistance stands at around $1510. Any breach above confirms a minor pullback. A jump to $1676/$1809/$2000 is possible. A surge past $2500 will take Ethereum to Apr monthly high of $3581.
It is good to buy on dips around $1348-50 with SL around $1150 for TP of $1676/$1800.
