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ETHUSD trades are weak following the footsteps of Bitcoin. It hit a low of $2989 yesterday and is currently trading around $3085.
Hongkong Securities and Futures commission (SFC) approved BTC and ETH ETF on Monday. According to spot-on-chain data, whales purchased 9787 ETH at an average price of $3257 on Monday.
The intraday bullishness is possible if it holds above $3300. On the higher side, the near-term resistance is $3280. Any significant jump above the target is $3400/$3500/$3620/$3700/$3800/$4000. Significant bullish continuation only above $4800.
The immediate support is around $3200. Any breach below $3200 confirms bearish continuation. A dip to $3000/$2700 is possible. A violation below $2700 will drag the Ethereum to $2500/$2300.
It is good to buy on dips around $3000 with SL around $2800 for TP of $4000.
