ETHUSD Daily cautiously bearish. Recommended ratio: 25% ETH, 75% Cash.
*Cryptos are continuing to sell off into the weekend as investors flee to DXY and US Treasuries amidst renewed global recession fears. The Merge is still scheduled for launch on Ethereum's Mainnet on 09/15/22. Key Upcoming Dates: S&P US August PMI at 945am EST 08/23; 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.*
Price is currently trending down at ~$1575 as it approaches a test of the 50 MA as support at ~$1530 (which would coincide with the uptrend line from 06/18/22). Volume remains Moderate (high) and is on track for a second consecutive day of seller dominance if it closes today's session in the red. Parabolic SAR flips bullish at ~$2000, this margin is mildly bullish. RSI has broken through three critical supports and is currently trending down at 40 as it approaches 37 support. Stochastic remains bearish and is currently testing max bottom. MACD remains bearish and is currently trending down at 50 as it approaches 28 support. ADX is currently trending down at 30 as Price continues to fall, this is neutral at the moment.
If Price is able to bounce here then it will likely test $1711 minor resistance. However, if Price continues to break down here, it will likely test the 50 MA at ~$1530 as support which would likely coincide with the uptrend line from 06/18/22 at ~$1500 as support. Mental Stop Loss: (one close above) $1711.
*Cryptos are continuing to sell off into the weekend as investors flee to DXY and US Treasuries amidst renewed global recession fears. The Merge is still scheduled for launch on Ethereum's Mainnet on 09/15/22. Key Upcoming Dates: S&P US August PMI at 945am EST 08/23; 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.*
Price is currently trending down at ~$1575 as it approaches a test of the 50 MA as support at ~$1530 (which would coincide with the uptrend line from 06/18/22). Volume remains Moderate (high) and is on track for a second consecutive day of seller dominance if it closes today's session in the red. Parabolic SAR flips bullish at ~$2000, this margin is mildly bullish. RSI has broken through three critical supports and is currently trending down at 40 as it approaches 37 support. Stochastic remains bearish and is currently testing max bottom. MACD remains bearish and is currently trending down at 50 as it approaches 28 support. ADX is currently trending down at 30 as Price continues to fall, this is neutral at the moment.
If Price is able to bounce here then it will likely test $1711 minor resistance. However, if Price continues to break down here, it will likely test the 50 MA at ~$1530 as support which would likely coincide with the uptrend line from 06/18/22 at ~$1500 as support. Mental Stop Loss: (one close above) $1711.