dailytaguy

ETH/USD Daily TA Neutral Bullish

COINBASE:ETHUSD   Ethereum
ETH/USD Daily neutral with a bullish bias. *Equities are seeing a small bounce today with markets trying to price in a theory that the Fed may slow down interest hikes after frontloading in May and June; either crypto markets led the rally earlier this week or they're following. If crypto surges it may be short-lived so it's prudent for traders and investors to have tight mental stop-losses and be wary of a potential Dead Cat Bounce or Bull Trap.* Recommended ratio: 53% ETH, 47% cash. Price is currently completing a weak Descending Triangle formation (weak because it can also be a Bull Flag) as it tests $1941 support for the eighth consecutive session and now twelve of the last fifteen sessions (80%). Volume remains moderate (low) and fairly balanced between buyers and sellers; however, it is currently on track to favor sellers in today's session (this would be mildly bearish). Parabolic SAR flips bearish at $1760, this margin is neutral at the moment. RSI remains testing 36.91 resistance for the tenth consecutive session and is currently trending down at 35.40; it has been forming higher lows since 05/18/22, this is mildly bullish. Stochastic crossed over bearish in today's session and is currently trending down at 84.50 as it approaches a test of 80.69 support. MACD remains bullish and is currently trending up slightly at -200 as it attempts to break out of the descending trendline from 04/05/22; if it can successfully break out above -200, the next resistance is at -90.80 so there is a lot of upside potential. ADX is currently trending down at 48 as Price continues to hover at $1941 support; this is mildly bullish. If Price is able to break out above the upper trendline of the Descending Triangle/Bull Flag at $2025, it will have to reclaim support at the 50/50 uptrend line from March 2017 at ~$2130 before it can aim to test $2408 minor resistance. However, if Price breaks down below $1941 support then it will have the lower trendline of the Bull Flag at ~$1840 to test as support before potentially falling to test $1426 support. Mental Stop Loss: (tight stop loss - one close below) $1840.

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