ETH Daily TA Neutral Bearish
ETHUSD Daily neutral with a bearish bias. Recommended ratio: 40% ETH, 60% Cash.
*S&P US August Manufacturing PMI fell to 51.3 (from 52.2 in July), its lowest level since July 2020. Cryptos are seeing a continued rally from Sunday to start the week while Equities were mixed but stayed relatively flat. DXY took a dip while Treasuries are up, and both the VIX and Gold are up in anticipation for Q2 GDP and Jackson Hole later this week. The Merge is still on schedule for a 09/15/22 launch on Ethereum's Mainnet. Key Upcoming Dates: 7th GDPNow US Q3 Estimate at 830am EST 08/24; US Q2 Final GDP Estimate at 830am EST 08/25; US July PCE at 830am EST 08/26; UofM Final August Sentiment Survey Index at 10am EST 08/26; Jackson Hole Economic Symposium on 08/25-08/27 (Fed Chair Jerome Powell scheduled to speak on 08/26).*
Price is currently trending up at $1650 and briefly touched $1711 minor resistance as it continues to defend the 50 MA + the uptrend line from 06/18/22 as support at ~$1550. Volume is High and on track to favor buyers in three consecutive sessions while defending the 50 MA, this is bullish and hints that The Merge rally isn't over. Parabolic SAR flips bullish at $1969, this margin is mildly bullish. RSI is currently trending up at 47 after bouncing at 42, the next resistance is the descending trendline from February 2020 at 54 (which would likely coincide with 55.31 resistance). Stochastic remains bullish for a second consecutive session and is currently trending up at 14; the next resistance is at 18. MACD remains bearish and is currently trending down with no sign of trough formation; it is still technically testing 28 support. ADX is currently trending down at 26 with no sign of trough formation as Price is attempting to push higher, this is mildly bearish at the moment.
If Price is able to break above $1711 minor resistance, the next likely target is a retest of $1941 resistance. However, if Price is rejected at $1711 minor resistance, it will likely retest the 50 MA + the uptrend line from 06/18/22 at ~$1550 as support before potentially retesting $1427 support. Mental Stop Loss: (two consecutive closes above) $1711.
*S&P US August Manufacturing PMI fell to 51.3 (from 52.2 in July), its lowest level since July 2020. Cryptos are seeing a continued rally from Sunday to start the week while Equities were mixed but stayed relatively flat. DXY took a dip while Treasuries are up, and both the VIX and Gold are up in anticipation for Q2 GDP and Jackson Hole later this week. The Merge is still on schedule for a 09/15/22 launch on Ethereum's Mainnet. Key Upcoming Dates: 7th GDPNow US Q3 Estimate at 830am EST 08/24; US Q2 Final GDP Estimate at 830am EST 08/25; US July PCE at 830am EST 08/26; UofM Final August Sentiment Survey Index at 10am EST 08/26; Jackson Hole Economic Symposium on 08/25-08/27 (Fed Chair Jerome Powell scheduled to speak on 08/26).*
Price is currently trending up at $1650 and briefly touched $1711 minor resistance as it continues to defend the 50 MA + the uptrend line from 06/18/22 as support at ~$1550. Volume is High and on track to favor buyers in three consecutive sessions while defending the 50 MA, this is bullish and hints that The Merge rally isn't over. Parabolic SAR flips bullish at $1969, this margin is mildly bullish. RSI is currently trending up at 47 after bouncing at 42, the next resistance is the descending trendline from February 2020 at 54 (which would likely coincide with 55.31 resistance). Stochastic remains bullish for a second consecutive session and is currently trending up at 14; the next resistance is at 18. MACD remains bearish and is currently trending down with no sign of trough formation; it is still technically testing 28 support. ADX is currently trending down at 26 with no sign of trough formation as Price is attempting to push higher, this is mildly bearish at the moment.
If Price is able to break above $1711 minor resistance, the next likely target is a retest of $1941 resistance. However, if Price is rejected at $1711 minor resistance, it will likely retest the 50 MA + the uptrend line from 06/18/22 at ~$1550 as support before potentially retesting $1427 support. Mental Stop Loss: (two consecutive closes above) $1711.
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