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ETH prices showed a minor sell-off after hitting a multi-week high.
It holds above the long-term and short-term moving average of $1786 (200-day EMA).
ETHUSD was the best performer in the past three months following the footsteps of Bitcoin. Investors eye Cancun's upgrade in the first half of 2024. Ethereum Cancun upgrade is expected to improve faster transactions, lower transaction costs, and optimize data management. It hit a high of $2403 and is currently trading around $2254.
The bullish invalidation can happen if the pair closes below $1870. On the lower side, the near-term support is $2080. Any break below targets $1870. Significant downtrend if it breaks $1500.
The immediate resistance stands at around $2500. Any breach above confirms a minor pullback. A jump to $2875/$3000 is possible. A surge past $3000 will take Ethereum to $3350/$3500.
It is good to buy on dips around $2080 with SL around $1870 for TP of $2500/$2875.
