FxWirePro- ETHUSD Short-term Outlook

ETH prices traded higher for the third consecutive day.

It holds above significant support of $1545-55 (200 and 55-day EMA).

ETHUSD retest its significant resistance of $1350-55 and showed a nice pullback following the footsteps of BTC. The crypto market showed momentum after weak US Non-farm payroll data. It has decreased the chance of further rate hikes by the Fed. Markets eye US CPI numbers for further movement. Headline inflation is anticipated to rise by 0.40% m/m from 0.50% the previous month. The yearly CPI is expected to drop to 6% vs . 6.40% the previous month. It hits a high of $1701.80 and is currently trading around $1676.10.

The bearish invalidation can happen if the pair closes above $1750. On the lower side, the near-term support is $1620. Any break below targets $1550/$1460/$1350-65. Significant downtrend if it breaks $800.

The immediate resistance stands at around $1750. Any breach above confirms a minor pullback. A jump to $1845/$1973/$2030 is possible. A surge past $2050 will take Ethereum to $2500.

It is good to buy on dips around $1575 with SL around $1370 for TP of $2000.