ETH Daily TA Cautiously Bullish
ETH Daily cautiously bullish. Recommended ratio: 65% ETH, 35% Cash.
*The Merge is set to launch on Ethereum's Mainnet at around 6pm on 09/14/22. With the ECB raising central bank rates by 75bps and committing to more rate hikes in the near term, FFR futures traders are still betting on a 75bps rate hike by the Fed on 09/21. St. Louis Fed President James Bullard said today that he's leaning more strongly into a 75bps rate hike at the next FOMC meeting and that money markets are underestimating prolonged higher rates in 2023. Fed Governor Christopher Waller mentioned today that fears of a recession in Q1 and Q2 have faded and that the economy can support more significant rate hikes. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~6pm EST 09/14; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending up at $1737 and is still technically testing $1711 minor resistance. Volume is on track to both be High and favor buyers for a fourth consecutive session if it can close today's session a bit higher and in the green. Parabolic SAR flips bearish at $1476, this margin is mildly bearish at the moment. RSI is currently trending up slightly at 58 and is still technically testing the descending trendline from February 2020 and 55.31 resistance. Stochastic remains bullish and is currently testing max top. MACD remains bullish and is currently trending up at 6 as it approaches 27.77 resistance. ADX is currently trending sideways at 14 as Price is pushing higher, this is neutral at the moment.
If Price is able to turn $1711 minor resistance to support, the next likely target is a retest of $1941 resistance. However, if Price breaks back down below $1711 minor resistance, it will likely retest the 50 MA at ~$1667 as support. Mental Stop Loss: (one close below) $1660.
*The Merge is set to launch on Ethereum's Mainnet at around 6pm on 09/14/22. With the ECB raising central bank rates by 75bps and committing to more rate hikes in the near term, FFR futures traders are still betting on a 75bps rate hike by the Fed on 09/21. St. Louis Fed President James Bullard said today that he's leaning more strongly into a 75bps rate hike at the next FOMC meeting and that money markets are underestimating prolonged higher rates in 2023. Fed Governor Christopher Waller mentioned today that fears of a recession in Q1 and Q2 have faded and that the economy can support more significant rate hikes. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~6pm EST 09/14; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending up at $1737 and is still technically testing $1711 minor resistance. Volume is on track to both be High and favor buyers for a fourth consecutive session if it can close today's session a bit higher and in the green. Parabolic SAR flips bearish at $1476, this margin is mildly bearish at the moment. RSI is currently trending up slightly at 58 and is still technically testing the descending trendline from February 2020 and 55.31 resistance. Stochastic remains bullish and is currently testing max top. MACD remains bullish and is currently trending up at 6 as it approaches 27.77 resistance. ADX is currently trending sideways at 14 as Price is pushing higher, this is neutral at the moment.
If Price is able to turn $1711 minor resistance to support, the next likely target is a retest of $1941 resistance. However, if Price breaks back down below $1711 minor resistance, it will likely retest the 50 MA at ~$1667 as support. Mental Stop Loss: (one close below) $1660.
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