FxWirePro- Ethereum Daily Outlook

 ETHUSD  trades higher on the Dencun upgrade. The Dencun upgrade went live on the Holesky testnet. It hit a high of  $2345 at the time of writing and is currently trading around $2371.

The upgrade to EIP-4844 will reduce the transaction costs. The mainnet is by Feb 7th and also supports Ethereum at lower levels.

The intraday bullishness can be seen if it breaks above $2400. On the higher side, the near-term resistance is $2400. Any break above targets $2450/$2500. Significant bullish continuation only above $2700.

The immediate support is around $2340. Any intraday break below will drag the pair to $2300/$2225/$2165/$2100.Any breach below $2100 confirms bearish continuation. A dip to $2000/$1900 is possible. A violation below $1870 will drag the Ethereum to $1500.

It is good to buy on dips around $2350 with SL around $2290  for TP of $2700.