FxWirePro- ETHUSD Short-term Outlook

Potential Reversal Zone- $1800

Key Highlights

ETHUSD has been consolidating for the past four weeks after a massive rally. Crypto markets are trading higher despite hawkish FOMC meeting minutes. A temporary decline in US inflation also supports riskier assets like BTC. The successful upgradation of the Ethereum Shanghai testnet pushed Ethereum prices higher.   It hits a high of $1669 at the time of writing,  and currently trading around $1655.

Major support - $1550. Any violation below this level confirms major weakness. A dip till $1460/$1400.The pair holds above the short-term weekly moving average (21-W EMA ) and below  55 EMA. Any close above $1770 confirms further bullishness, a jump to $2000.

A short-term trend reversal may happen if Ethereum closes below  $1300. A dip to jump to $1200/$1070 is possible.

Indicators (Monthly chart)

RSI- up trend (53)

It is good to buy on dips around $1600 with SL around $1450 for TP of $2000

Resistance

R1- $1660

R2- $1760

R3- $2000

Support

S1- $1460

S2- $1400

S3- $1300