FxWirePro- Ethereum trades higher on the Shanghai upgrade, good to buy on dips

ETH prices jumped sharply after a long consolidation.

It holds above significant support of $1468-1757 (200 and 55-day EMA).

ETHUSD surged more than $80 after the successful upgradation of the shapella blockchain. The easing of US inflation and dovish Fed meeting minutes also supports crypto markets.  US CPI m/m came at 0.1% in Mar, below the estimate of 0.20%. The yearly inflation rose 5% last month, compared to a forecast of 5.1%. It hits a high of $1997 and is currently trading around $1989.90.

The bullish invalidation can happen if the pair closes below $1755. On the lower side, the near-term support is $1890. Any break below targets $1855/$1800/$1730/$1660/$1570/$1365. Significant downtrend if it breaks $800.

The immediate resistance stands at around $2000 Any breach above confirms a minor pullback. A jump to $2030/$2050 is possible. A surge past $2050 will take Ethereum to $2294/$2500.

It is good to buy on dips around $1900 with SL around $1750 for TP of $2400/$2500.