FxWirePro- Ethereum Daily Outlook

Major resistance - $2800 (Support turned into resistance)

ETHUSD showed a minor pullback after the dovish Fed chairman speech. It hit a high of $2699 at the time of writing and is currently trading at around $2661.70.

Fed chairman stated that “the time has come” to shift its monetary policy and noted that “upside risks to inflation have diminished”.

According to the Whale tracker, 300000 ETH has been transferred to the US-based exchange Coinbase from two anonymous blockchain addresses. ETH ETF saw an outflow of $874610 yesterday.

 The intraday bullishness is possible if it holds above $2800.On the higher side, the near-term resistance is 2800. Any significant jump above targets $3000/$3200. Significant bullish continuation only above $3400.

The immediate support is around $2500. Any breach below $2500 confirms bearish continuation. A dip to $2300/$2100/$1800/$1500 is possible. A violation below $1500 will drag the Ethereum to $1000.

It is good to buy on dips around $2500 with SL around $2300 for TP of $3200.