ETHUSD lost more than 25% in the past two days following in the footsteps of Bitcoin. It hit a low of $3022 at the time of writing and is currently trading at around $3025..
US recession fears dragged the global financial market globally including crypto market. The surge in US unemployment and declining US ISM PMI increased the recession fears. The rate hike by BOJ also putting pressure on global markets due to yen carry trade.
The intraday bullishness is possible if it holds above $2420.On the higher side, the near-term resistance is $2420 (23.6% fib $3396 and $2116). Any significant jump above the target is $2603/$2800 (support turned into resistance)/$3000. Significant bullish continuation only above $3400
The immediate support is around $2100. Any breach below $2100 confirms bearish continuation. A dip to $1800/$1500 is possible. A violation below $1500 will drag the Ethereum to $1000.
It is good to buy on dips around $2000 with SL around $1800 for TP of $2800.
