Ethereum Holds Firm Above $3,100 Despite Dip – Fresh Breakout to $3,600+ Looming as Bulls Defend Key Support

ETHUSD showed a minor profit-booking after a minor pullback. Currently trading near $3117, it hit a low of $3067 yesterday.

Oscillators and moving averages to forecast the trend of ETHUSD

CMP- $3121.90

EMA (1-hour chart)

55-EMA- $3123

200-EMA- $3030

365-EMA- $3035. The pair trades above short and below the long-term moving average.

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

Major Resistance - $3320.  Any break above $3100 confirms minor bullishness, a jump to $3458/$3565/$3700/$4000.

Indicators (1-hour chart)

CCI(50)- Bearish

ADX-  Bearish

5. Investment Strategy for ETHUSD

It is good to buy on dips around $2958-60 with a stop loss around $2700 for target profits of $3540/$3600.