ETHUSD Daily cautiously bullish. Recommended ratio: 75% ETH, 25% Cash. *Ethereum has just completed its second (and second to last) Merge trial on Sepolia Testnet and will now have to pass the third and final trial on Goerli Testnet before launching on Mainnet; that said, Core developers still anticipate the Merge to launch on Mainnet sometime in Q3. Fallout from the 3AC default continues as one of the first crypto exchanges in the world, Blockchain.com, announced today that they expect to realize a $270m loss on loans to the over-leveraged and now distressed hedge fund (3AC). 2gether, one of the oldest crypto exchanges in Spain, recently halted operations amidst the downturn in crypto. It's unclear when this massive deleveraging in crypto will be finished but it seems as if a few more liquidations or defaults would be appropriate for Alameda Research (Sam Bankman-Fried), Tron DAO (Justin Sun) or Binance Labs (Changpeng Zhao) to really start injecting liquidity into the crypto markets.* Price has been consolidating in the largest supply/demand zone for twenty three consecutive sessions and is currently testing the lower trendline of the descending channel from October 2021 at ~$1250 as resistance. Volume remains Moderate and is currently on track to break a two session streak of buyer dominance if it manages to close today's session in the red. Parabolic SAR flips bearish at $1k, this margin is neutral at the moment. RSI is currently trending sideways at 48.50 as it pauses on its way to test the descending trendline from February 2020 (as resistance) at 55.31 resistance. Stochastic remains bullish and is currently on the verge of forming a bearish crossover at max top (where it can coast in the 'bullish autobahn' for some time). MACD is currently trending up at -77 as it tests -91 resistance with no signs of peak formation; the next resistance (minor) is at -47. ADX is currently trending down sharply at 38 as Price pushes higher, this is mildly bullish. If Price is able to break out above the lower trendline of the descending channel from October 2021 at ~$1250 then it will likely test $1427 resistance. However, if Price is rejected here, it will likely retest $1k psychological support before potentially heading lower to test $776 support for the first time since breaking above it in January 2021. Mental Stop Loss: (one close below) $1135.