ETHUSD daily guidance neutral with a bearish bias. Recommended ratio: 40% ETH, 60% Cash.
*FOMC WATCH. Cryptos are mixed with some altcoins up but most large-caps down. Equities, Equity Futures, JPYUSD, CNYUSD, GBPUSD, EURUSD, Gold and Oil are also down. DXY, US Treasuries, Agriculture, Nat Gas and VIX are up. Both Apple and Microsoft's top and bottom beat didn't do much to quell the selling pressure leading up to the upcoming FOMC meeting. Speculators are still betting on a 75bps rate hike, but given the still high inflation numbers and retail data it wouldn't be all too surprising to see a 100bps hike. Russia's recent move to pause the grain deal with Ukraine and the upcoming European winter are likely to both keep pressuring inflation. Key Upcoming Dates: 2nd GDPNow US Q4 GDP estimate 11/ 01; FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently trending down at ~$1560 after forming a soft-peak just below the 100MA which coincides with $1711 minor resistance and the upper trendline of the descending channel from November 2021; the next support is at $1427. Volume is currently High (low) and on track to favor sellers for a second consecutive session if it can close today's session in the red. Parabolic SAR flips bearish at the 50MA (~$1365), this margin is mildly bearish at the moment. RSI is currently trending down and testing 63.17 minor support with no signs of trough formation. Stochastic remains bearish after defying a bullish crossover and is currently trending down at 87 as it approaches 81 support. MACD is currently trending up slightly at 63.76 as it's beginning to form a soft peak, it's still technically testing 28 resistance. ADX is currently trending up slightly at 31 as Price pushes higher, this is mildly bullish at the moment.
If Price is able to bounce here then it will likely retest the 100MA + the upper trendline of the descending channel from November 2021 at ~$1711 minor resistance before potentially breaking out of the descending channel. However, if Price continues down here, it'll likely retest $1427 support before potentially retesting the 50MA + the uptrend line from 06/18/22 as support at ~$1375. Mental Stop Loss: (two consecutive closes above) $1711.
*FOMC WATCH. Cryptos are mixed with some altcoins up but most large-caps down. Equities, Equity Futures, JPYUSD, CNYUSD, GBPUSD, EURUSD, Gold and Oil are also down. DXY, US Treasuries, Agriculture, Nat Gas and VIX are up. Both Apple and Microsoft's top and bottom beat didn't do much to quell the selling pressure leading up to the upcoming FOMC meeting. Speculators are still betting on a 75bps rate hike, but given the still high inflation numbers and retail data it wouldn't be all too surprising to see a 100bps hike. Russia's recent move to pause the grain deal with Ukraine and the upcoming European winter are likely to both keep pressuring inflation. Key Upcoming Dates: 2nd GDPNow US Q4 GDP estimate 11/ 01; FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently trending down at ~$1560 after forming a soft-peak just below the 100MA which coincides with $1711 minor resistance and the upper trendline of the descending channel from November 2021; the next support is at $1427. Volume is currently High (low) and on track to favor sellers for a second consecutive session if it can close today's session in the red. Parabolic SAR flips bearish at the 50MA (~$1365), this margin is mildly bearish at the moment. RSI is currently trending down and testing 63.17 minor support with no signs of trough formation. Stochastic remains bearish after defying a bullish crossover and is currently trending down at 87 as it approaches 81 support. MACD is currently trending up slightly at 63.76 as it's beginning to form a soft peak, it's still technically testing 28 resistance. ADX is currently trending up slightly at 31 as Price pushes higher, this is mildly bullish at the moment.
If Price is able to bounce here then it will likely retest the 100MA + the upper trendline of the descending channel from November 2021 at ~$1711 minor resistance before potentially breaking out of the descending channel. However, if Price continues down here, it'll likely retest $1427 support before potentially retesting the 50MA + the uptrend line from 06/18/22 as support at ~$1375. Mental Stop Loss: (two consecutive closes above) $1711.