ETHUSD Dips Below $3000 on BOJ Rate Hike Fears: Buy the Dip at $2700, Targeting $4000?

As the market expects a 25 basis point rate increase by the BOJ, ETHUSD trades at less than $3000. It is now trading $2970, having earlier reached an intraday low of $2971.

Oscillators and moving averages to forecast the trend of ETHUSD

CMP- $2975

EMA (4-hour chart)

55-EMA- $3127

200-EMA- $3175

365-EMA- $3350. The pair trades above the short-term moving average and below the long-term moving average.

Major Support - $2960. Any breach below $2960 will drag the pair down to $2700/$2600/$2500/$2300/$2000.

Major Resistance - $3000.  Any break above $3200 confirms minor bullishness, a jump to $3325/$3500/$3565/$3700/$4000.

Indicators (4-hour chart)

CCI(50)- Bearish

ADX-  Neutral

5. Investment Strategy for ETHUSD

It is good to buy on dips around $2700 with a stop loss around $2500 for target profits of $3700/$4000.