ETHUSD trades slightly lower after a massive pullback. It hit a low of $3945 and is currently trading around $3956.
Ethereum developers successfully upgraded Dencun on the mainnetA yesterday. According to Arthur Breitman, the co-founder of the Tezos blockchain "The Dencun upgrade does the bare minimum to extend the data usable by rollups on Ethereum, which should lower transaction costs in these L2 solutions. This is a step in the right direction, but ultimately, rollups built on top of Ethereum remain very throughput constrained and are forced to adopt extreme centralization measures."
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.
