FxWirePro- ETHUSD Short-term Outlook

ETH prices continue to trade week for the third consecutive week.

It holds above significant support of $1469 (21 W EMA).

ETHUSD has formed a temporary top around $1714 and showed a minor weakness following the footsteps of Bitcoin. Markets eye US CPI numbers for further movement. Any upbeat US inflation will drag riskier assets like BTC lower. The volume of Ethereum held by nonzero addresses hit an all-time high, according to glass node. It hits a low of $1463 and is currently trading around $1514.80.

The bearish invalidation can happen if the pair closes above $1460. On the lower side, the near-term support is $1460. Any break below targets $1377/$1260/$1150/$1070. Significant downtrend if it breaks $800.

The immediate resistance stands at around $1550. Any breach above confirms a minor pullback. A jump to $1620/$1715 is possible. A surge past $1720 will take Ethereum to $2500.

It is good to buy on dips around $1460 with SL around $1370 for TP of $1676/$1800.