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FxWirePro- ETHUSD Daily Outlook

ETH prices pared most of its after SEC action against Coinbase.

 

It holds below short-term support $1858-$1846 (21 and 55-day EMA).

 

ETHUSD lost more than $150 due to the withdrawal of cbETH in the past two days. According to data for crypto intelligence,27280 cbETH tokens were redeemed on June 6th, and 5% of Coinbase Ethereum balance was withdrawn. It hits a low of $1775 on Monday and is currently trading around $1842.90.

 

Major economic data for the day

 

June 8th, 2023, US initial jobless claims (12:30 pm GMT)

 

The bullish invalidation can happen if the pair closes below $1570. On the lower side, the near-term support is $1775. Any break below targets $1735/$1660/$1570/$1365. Significant downtrend if it breaks $800.

 

The immediate resistance stands at around $1960. Any breach above confirms a minor pullback. A jump to $1973/$2030 is possible. A surge past $2050 will take Ethereum to $2294/$2500.

 

It is good to buy on dips around $1750 with SL around $1650 for TP of $2400/$2500.

 

 

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