ETHUSD Daily cautiously bullish. Recommended ratio: 70% ETH, 30% Cash.
*CPI WATCH.The Merge is currently scheduled to launch on Ethereum's Mainnet on 09/14/22 at ~9:40pm. Cryptos, Equities, Futures, VIX, Commodities, US Treasuries and the Euro are all slightly up while DXY is down today. All eyes are on the BLS August CPI report due tomorrow at 830am; July CPI came in lower than expectations and markets rallied, it's reasonable to infer that the same may happen if CPI comes in on par or lower than the 8.1% consensus. The 11th GDPNow Q3 US GDP estimate was 1.3% on 09/09/22 compared to 1.4% on 09/07/22, the next estimate is on 09/15/22. Microstrategy recently (09/09) filed a report disclosing a plan to sell $500m in Class A shares to reinvest it into the purchase of more Bitcoin. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~10pm EST 09/14; US August Retail Sales at 830am EST 09/15; 12th GDPNow US Q3 US GDP estimate 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently testing $1711 minor support for the third consecutive session. Volume is currently Moderate (high) but has decreased in the past few sessions and is on track to favor sellers for a second consecutive session if it closes today in the red. Parabolic SAR flips bearish at $1528, this margin is neutral at the moment. RSI is currently trending down at 56 as it approaches a test of 55.31 support. Stochastic crossed over bearish in today's session and is currently trending down at 90 as it approaches a test of 81 support. MACD remains bullish and is currently forming a soft peak as it trends up slightly at 22 and approaches a test of 27.77 resistance. ADX is currently trending up slightly at 16 as Price continues to push higher, this is mildly bullish.
If Price is able to bounce off of $1711 minor support then the next likely target is a retest of $1941 resistance. However, if Price breaks down below $1711 minor support, it will likely retest the 50 MA at ~$1675 as support before potentially retesting the uptrend line from 06/18/22 at ~$1650 as support. Mental Stop Loss: (two consecutive closes below) $1625.
*CPI WATCH.The Merge is currently scheduled to launch on Ethereum's Mainnet on 09/14/22 at ~9:40pm. Cryptos, Equities, Futures, VIX, Commodities, US Treasuries and the Euro are all slightly up while DXY is down today. All eyes are on the BLS August CPI report due tomorrow at 830am; July CPI came in lower than expectations and markets rallied, it's reasonable to infer that the same may happen if CPI comes in on par or lower than the 8.1% consensus. The 11th GDPNow Q3 US GDP estimate was 1.3% on 09/09/22 compared to 1.4% on 09/07/22, the next estimate is on 09/15/22. Microstrategy recently (09/09) filed a report disclosing a plan to sell $500m in Class A shares to reinvest it into the purchase of more Bitcoin. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~10pm EST 09/14; US August Retail Sales at 830am EST 09/15; 12th GDPNow US Q3 US GDP estimate 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently testing $1711 minor support for the third consecutive session. Volume is currently Moderate (high) but has decreased in the past few sessions and is on track to favor sellers for a second consecutive session if it closes today in the red. Parabolic SAR flips bearish at $1528, this margin is neutral at the moment. RSI is currently trending down at 56 as it approaches a test of 55.31 support. Stochastic crossed over bearish in today's session and is currently trending down at 90 as it approaches a test of 81 support. MACD remains bullish and is currently forming a soft peak as it trends up slightly at 22 and approaches a test of 27.77 resistance. ADX is currently trending up slightly at 16 as Price continues to push higher, this is mildly bullish.
If Price is able to bounce off of $1711 minor support then the next likely target is a retest of $1941 resistance. However, if Price breaks down below $1711 minor support, it will likely retest the 50 MA at ~$1675 as support before potentially retesting the uptrend line from 06/18/22 at ~$1650 as support. Mental Stop Loss: (two consecutive closes below) $1625.