ETHUSD hits a fresh year high following the footsteps of Bitcoin. It hit a high of $4095 at the time of writing and is currently trading around $4022.
Markets eye the Ethereum Dencun Hard fork upgrade on Mar 14th for further movement. It improves layer 2 scaling and reduces transaction fees.
The intraday bullishness is possible if it holds above $4000. On the higher side, the near-term resistance is $4050. Any significant jump above the target of $4350/$4800. Significant bullish continuation only above $4800.
The immediate support is around $3880. Any intraday break below will drag the pair to $3800/$3700. Any breach below $3200 confirms bearish continuation. A dip to $3080/$3000 is possible. A violation below $2700 will drag the Ethereum to $2500/$2300.
It is good to buy on dips around $3800 with SL around $3600 for TP of $4350.
