ETH Daily TA Cautiously Bearish
ETHUSD Daily cautiously bearish. Recommended ratio: 25% ETH, 75% Cash. *Cryptos, Equities, Metals, Energy, Treasuries, and Commodities are all suffering at the expense of a surging USD. The Euro continues to plunge and achieved parity with USD in yesterday's session for the first time since 2002. US CPI report is scheduled for release tomorrow morning at 830am (EST). The Fed only made projections regarding PCE in the last FOMC Projection Materials released on 06/15/22, but the consensus according to the Federal Reserve Bank of Cleveland's Inflation Nowcasting is 8.55%; the current market consensus is 8.6%-8.9% (with Visa and Natixis estimating 8.6% and Goldman, TD, HSBC, Citi and BNP Paribas estimating 8.9%). White House Press Secretary Karine Jean-Pierre stated in a Press Briefing yesterday (07/11/22) that they expect the CPI number to be "highly elevated". If the inflation numbers come in on the higher end (or even higher), expect for a market sell off and for Ethereum to break down below 
1K; if it does this, the next support is at $776.* Price is currently trending down at $1045 after being rejected by the lower trendline of the descending channel from October 2021 at ~$1250, if it breaks below 1K psychological support then it will likely test $776 support. Volume is Moderate (High) and currently on track to favor sellers for a third consecutive session, it has also grown in all three sessions; Price is also currently trading in the largest supply/demand zone on the chart . Parabolic SAR flipped bearish in today's session and now flips bullish at $1275, this margin is neutral at the moment. RSI is currently trending down at 35 and is still technically testing 37 support, the next support is the uptrend line from 01/22/22 at ~28. Stochastic remains bearish and is currently testing 47 support with no signs of trough formation. MACD remains bullish and is currently trending down slightly at -70 after forming a soft peak at -63, it's also testing -91 support for the first time since 04/30/22; additionally, if MACD falls below -91 it would be a bearish crossover. ADX is currently forming a soft trough and is trending sideways at 34 as Price falls back down to 1K, this is mildly bearish; if ADX is able to bounce here as Price breaks below 1K, that would be bearish. If Price is able to defend 1K psychological support then it will likely retest the lower trendline of the descending channel from October 2021 at ~$1150 as resistance. However, if Price breaks down below 1K, it will likely test $776 support for the first time since breaking above it in January 2021. It should be noted that Price can fall much lower to ~$400, RSI can support another ~50% drop before reaching its ATL. Mental Stop Loss: (two consecutive closes above) $1150.
1K; if it does this, the next support is at $776.* Price is currently trending down at $1045 after being rejected by the lower trendline of the descending channel from October 2021 at ~$1250, if it breaks below 1K psychological support then it will likely test $776 support. Volume is Moderate (High) and currently on track to favor sellers for a third consecutive session, it has also grown in all three sessions; Price is also currently trading in the largest supply/demand zone on the chart . Parabolic SAR flipped bearish in today's session and now flips bullish at $1275, this margin is neutral at the moment. RSI is currently trending down at 35 and is still technically testing 37 support, the next support is the uptrend line from 01/22/22 at ~28. Stochastic remains bearish and is currently testing 47 support with no signs of trough formation. MACD remains bullish and is currently trending down slightly at -70 after forming a soft peak at -63, it's also testing -91 support for the first time since 04/30/22; additionally, if MACD falls below -91 it would be a bearish crossover. ADX is currently forming a soft trough and is trending sideways at 34 as Price falls back down to 1K, this is mildly bearish; if ADX is able to bounce here as Price breaks below 1K, that would be bearish. If Price is able to defend 1K psychological support then it will likely retest the lower trendline of the descending channel from October 2021 at ~$1150 as resistance. However, if Price breaks down below 1K, it will likely test $776 support for the first time since breaking above it in January 2021. It should be noted that Price can fall much lower to ~$400, RSI can support another ~50% drop before reaching its ATL. Mental Stop Loss: (two consecutive closes above) $1150. 
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