ETHUSD Daily TA neutral with a bullish bias. Recommended ratio: 55% ETH, 45% Cash.
*Cryptos remained relatively flat but to the upside this weekend as US Equity Futures are currently up heading into the market open this week. Gold is down and DXY is up. Economic data is showing a slowdown in inflation and demand leading up to the August CPI print on 09/13 but the commitment by the Fed to getting FFR up to at least 4% by early 2023 presents an interesting dilemma going forward. This is because a stronger DXY and US Treasuries naturally puts a cap on potential near-term/medium-term alpha in Equities by attracting liquidity from investors whom are hedging against a global recession. Yes, USD is still king and it's being proven with DXY hitting highs last seen in 2000; Russian Ruble is also thriving but this is largely due to effects of sanctions. The Merge is set for launch on Ethereum's Mainnet on 09/14. Key Upcoming Dates: 10th GDPNow US Q3 GDP Estimate at 830am EST 09/07; 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; The Merge (Ethereum) at 8am EST 09/14; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending sideways at ~$1575 for a fourth consecutive session as it attempts to retest the 50 MA at ~$1660 as resistance. Volume remains Low and fairly balanced between buyer and seller dominance over the last few sessions, it has also been shrinking for seven consecutive sessions which is indicative of an impending breakout or breakdown. Parabolic SAR flips bullish at $1621, this is bullish. RSI continues to trend sideways at ~47 for four consecutive sessions now, the next resistance is at 55.31 and support at 37. Stochastic remains bullish and is currently trending up at 75 as it defies a bearish crossover right below 81 resistance, if it can break above 81 then it will likely be bullish until max top. MACD remains bearish but is currently on the verge of crossing over bullish at -28 support. ADX is currently trending down at 16 as Price continues to consolidate in attempt to move higher, this is mildly bearish at the moment.
If Price is able to continue higher then it will likely retest the 50 MA at ~$1660 as resistance before potentially retesting $1711 minor resistance. However, if Price breaks down here, it will likely retest $1500 as support before potentially retesting $1427 support. Mental Stop Loss: (one close below) $1534.
*Cryptos remained relatively flat but to the upside this weekend as US Equity Futures are currently up heading into the market open this week. Gold is down and DXY is up. Economic data is showing a slowdown in inflation and demand leading up to the August CPI print on 09/13 but the commitment by the Fed to getting FFR up to at least 4% by early 2023 presents an interesting dilemma going forward. This is because a stronger DXY and US Treasuries naturally puts a cap on potential near-term/medium-term alpha in Equities by attracting liquidity from investors whom are hedging against a global recession. Yes, USD is still king and it's being proven with DXY hitting highs last seen in 2000; Russian Ruble is also thriving but this is largely due to effects of sanctions. The Merge is set for launch on Ethereum's Mainnet on 09/14. Key Upcoming Dates: 10th GDPNow US Q3 GDP Estimate at 830am EST 09/07; 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; The Merge (Ethereum) at 8am EST 09/14; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending sideways at ~$1575 for a fourth consecutive session as it attempts to retest the 50 MA at ~$1660 as resistance. Volume remains Low and fairly balanced between buyer and seller dominance over the last few sessions, it has also been shrinking for seven consecutive sessions which is indicative of an impending breakout or breakdown. Parabolic SAR flips bullish at $1621, this is bullish. RSI continues to trend sideways at ~47 for four consecutive sessions now, the next resistance is at 55.31 and support at 37. Stochastic remains bullish and is currently trending up at 75 as it defies a bearish crossover right below 81 resistance, if it can break above 81 then it will likely be bullish until max top. MACD remains bearish but is currently on the verge of crossing over bullish at -28 support. ADX is currently trending down at 16 as Price continues to consolidate in attempt to move higher, this is mildly bearish at the moment.
If Price is able to continue higher then it will likely retest the 50 MA at ~$1660 as resistance before potentially retesting $1711 minor resistance. However, if Price breaks down here, it will likely retest $1500 as support before potentially retesting $1427 support. Mental Stop Loss: (one close below) $1534.