FxWirePro- ETHUSD Short-term Outlook

ETH prices trades in a narrow range for the past week.

It holds above significant support of $1576-1643 (200 and 55-day EMA).

ETHUSD retest its significant resistance of $1674-$1687 and showed a nice pullback following the footsteps of BTC. Markets eye Ethereum Shanghai hard fork event on Apr 12 for further movement.  Ethereum foundation has published that the main net Shapella will go live on Apr 12, 2023, at 22:27:35 UTC. It combines execution layer Shanghai, Capella, and Engine API.  It enables validators to withdraw stakes from Beacon Chain back to the execution layer. It hits a high of $1829.80 and is currently trading around $1801.60.

The bullish invalidation can happen if the pair closes below $1570. On the lower side, the near-term support is $1715. Any break below targets $1660/$1570/$1365. Significant downtrend if it breaks $800.

The immediate resistance stands at around $1860. Any breach above confirms a minor pullback. A jump to $1973/$2030 is possible. A surge past $2050 will take Ethereum to $2500.

It is good to buy on dips around $1680 with SL around $1550 for TP of $2050/$2400.