FxWirePro- ETHUSD Short-term Outlook

ETH prices halted their uptrend after three weeks of bullishness.

It holds above significant resistance of $1509 (200- Day EMA).

ETHUSD was one of the best performers this month following in the footsteps of BTC.  It gained momentum after  Coin Telegraph said that the average daily number of transactions on Ethereum was 1.1 million in 2022 (338% higher in 2022). The demand for riskier assets increased as a decline in US inflation will put an end to aggressive rate hikes by Fed. It hits a high of $1680 and is currently trading around $1616

The bearish invalidation can happen if the pair closes above $1500. On the lower side, the near-term support is $1490. Any break below targets $1377/$1260/$1150/$1070. Significant downtrend if it breaks $800.

The immediate resistance stands at around $1680. Any breach above confirms a minor pullback. A jump to $1780/$2000 is possible. A surge past $2500 will take Ethereum to Apr monthly high of $3581.

It is good to buy on dips around $1490 with SL around $1370 for TP of $1676/$1800.