ETH/USD Daily neutral with a bullish bias. *Altcoins like FTM, KAVA, XTZ have all crossed over bullish on the MACD and broken out to the upside -- this is bullish for the broader crypto space and implies that a weekend crypto rally is likely underway.* Recommended ratio: 60% ETH, 40% cash. Price is currently testing $1941 support for the sixth time in ten sessions and is forming a bull flag in the process. Volume remains moderately low and fairly balanced between buyers and sellers in the past five sessions indicating there is some consolidation taking place at this level. Parabolic SAR flips bearish at $1731; this margin is neutral at the moment. RSI is currently trending up slightly at 35 as it approaches 36.91 resistance. Stochastic remains bullish and is currently testing 80.69 resistance. MACD remains bearish and is trending sideways at -239, if it can manage to cross above -231 then a bullish crossover would take place; the next resistance is the descending trendline from 04/04/22 at -200 and the next support is the ATL at -318. ADX is currently trending up slightly at 50 and appears to be preparing for peak formation; if it peaks and Price goes up, this would be mildly bullish. If Price is able to bounce from $1941 support then the next likely target is a retest of the 50/50 trendline from March 2017 at ~$2100. However, if Price breaks down here and loses $1941 support, the next likely target would be a retest $1426 support (last time tested was February 2021). Mental Stop Loss: (two consecutive closes below) $1941 support.
**Traders pls be vigilant as ETH approaches $2100... may want to derisk if this is in fact a weekend Dead Cat Bounce**
**Traders pls be vigilant as ETH approaches $2100... may want to derisk if this is in fact a weekend Dead Cat Bounce**
Comment:
ETHUSDSHORTS are down and LONGS are up, so far looks like incoming bounce but Dead Cat Bounce still very plausible