ETHUSD daily guidance is neutral with a bullish bias. Recommended ratio: 60% ETH, 40% Cash.
*Cleveland Fed President Mester said today that she expects to see an uptick in Unemployment but that the Fed remains "singularly focused on fighting inflation". In the same regard, she mentioned that she doesn't see any rate cuts in 2023. Key Upcoming Dates: September US Employment Situation at 830am EST 10/07; FOMC Members Kashkari, Waller and Williams speak on 10/07; FOMC Minutes at 2pm EST 10/12; September US CPI at 830am EST 10/13; September US Retails Sales at 830am EST 10/14; UofM October Consumer Sentiment Index at 10am EST 10/15.*
Price is continuing to trend sideways at ~$1350 for a fourth consecutive session. Volume has been High (moderate) and favored sellers for the past two sessions, if it closes today's session in the green it will likely imply that more choppy trading is to be expected in the near term. Parabolic SAR flips bearish at $1229, this margin is neutral at the moment. RSI is currently trending up slightly at 46, the next resistance is the descending trendline from February 2020 at ~52. Stochastic remains bullish as it defies a bearish crossover at 96, the next resistance is at max top. MACD remains bullish and is currently continuing to form a soft peak as it tests -46.46 resistance. ADX is currently trending down at 30 as Price continues to trend sideways and attempts to move higher, this is neutral at the moment.
If Price is able to break out to the upside then it will likely retest $1427 resistance. However, if Price breaks down here, it will likely retest $1270 minor support. Mental Stop Loss: (two consecutive closes below) $1270.
*Cleveland Fed President Mester said today that she expects to see an uptick in Unemployment but that the Fed remains "singularly focused on fighting inflation". In the same regard, she mentioned that she doesn't see any rate cuts in 2023. Key Upcoming Dates: September US Employment Situation at 830am EST 10/07; FOMC Members Kashkari, Waller and Williams speak on 10/07; FOMC Minutes at 2pm EST 10/12; September US CPI at 830am EST 10/13; September US Retails Sales at 830am EST 10/14; UofM October Consumer Sentiment Index at 10am EST 10/15.*
Price is continuing to trend sideways at ~$1350 for a fourth consecutive session. Volume has been High (moderate) and favored sellers for the past two sessions, if it closes today's session in the green it will likely imply that more choppy trading is to be expected in the near term. Parabolic SAR flips bearish at $1229, this margin is neutral at the moment. RSI is currently trending up slightly at 46, the next resistance is the descending trendline from February 2020 at ~52. Stochastic remains bullish as it defies a bearish crossover at 96, the next resistance is at max top. MACD remains bullish and is currently continuing to form a soft peak as it tests -46.46 resistance. ADX is currently trending down at 30 as Price continues to trend sideways and attempts to move higher, this is neutral at the moment.
If Price is able to break out to the upside then it will likely retest $1427 resistance. However, if Price breaks down here, it will likely retest $1270 minor support. Mental Stop Loss: (two consecutive closes below) $1270.