FxWirePro- Ethereum Daily Outlook

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ETHUSD traded higher after the US CPI data.It hit a high of $2957 at the time of writing and is currently trading around $2943.47.

Core CPI came in at 0.30% m/m in line with the estimate of 0.30%. US core CPI YoY rose 3.60% in Apr from 3.8% the previous month, in line with the forecast.

The intraday bullishness is possible if it holds above $3000. On the higher side, the near-term resistance is $3000. Any significant jump above the target is $3200/ $3300/$3360/$3400/$3500/$3620/$3700/$3800/$4000. Significant bullish continuation only above $4800.

The immediate support is around $2800. Any breach below $2800 confirms bearish continuation. A dip to $2700/$2500 is possible. A violation below $2500 will drag the Ethereum to $2300/$2000.

It is good to buy on dips around $2800 with SL around $2500 for TP of $4000.

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