ETHT ETF S-1s will likely get approval by the end of the summer. It is good to buy on dips around $3300 with SL around $3000 for TP of $4500.
ETHUSD is directionless after a massive outflow from exchanges. It hit a high of $3657 yesterday and is currently trading around $3511 with a bullish bias.
The Securities and Exchange Commission (SEC) Chairman Gary Gensler said that ETH ETF S-1s will likely get approval by the end of the summer, adding that he is “optimistic” about the applications.
According to CryptoQuant, around 542000 ETH moved out of exchange on June 11th. This is the lowest since May 23rd, when 380K ETH left exchanges. But the number of ETH withdrawn from Exchanges decreased by half on June 12th. This confirms Ethereum trend is directionless.
Now, coming back to price action, we see that ETHUSD is trading sideways after a massive outflow from exchanges. It hit a high of $3657 yesterday and is currently trading around $3511 with a bullish bias. The intraday bullishness is possible if it holds above $4000. On the higher side, the near-term resistance is $4000. Any significant jump above the target is $4500/$5000. Significant bullish continuation only above $4800.
On the lower side, the immediate support is around $3300. Any breach below $3500 confirms a bearish continuation. A dip to $3200/$3000/$2800 is possible. A violation below $2800 will drag the Ethereum to $2500/$2300/$2000.
It is good to buy on dips around $3300 with SL around $3000 for TP of $4500.
News source：https://www.kdj.com/cryptocurrencies-news/articles/ethusd-trading-sideways-bullish-bias.html
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