ETH Daily TA Neutral Bearish
ETHUSD Daily neutral with a bearish bias. Recommended ratio: 48% ETH, 52% Cash.
*JOBS REPORT WATCH. DXY and US Treasuries are dominating headlines again and pulling liquidity from markets as DXY hit $110 in today's session for the first time since September 2002. The 9th GDPNow US Q3 GDP estimate came in at 2.6% today compared to 1.6% on 08/26/22; this adds to the basket of recent bullish economic data leading up to tomorrow's Employment Situation. Cryptos are currently attempting to lead a corrective bounce in Risk-On markets after a Jackson Hole inspired sell off. Equities, Futures and Commodities are all down while DXY, US Treasuries, VIX and [recently] Cryptos are up. Something to keep an eye on regarding Cryptos next week is the due date for responses to the Biden Admin's Executive order on cryptocurrencies from market regulators and the US Treasury, Commerce and Justice Departments. Though mainly focused on the viability of a CBDC and its implementation, it will also help clarify which regulatory agencies are responsible for what in the cryptocurrency industry. Interestingly it will also discuss Proof of Work mining and its burden on ESG policies just days before Ethereum is set to transition to Proof of Stake. The Merge is still scheduled for launch on Ethereum's Mainnet 09/15/22. Bitcoin Maximalist Michael Saylor is being sued by the Washington D.C. Attorney General for alleged tax evasion. Key Upcoming Dates: August Employment Situation 830am EST 09/02; 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13.*
Price is currently trending up at ~$1566 and deciding between an Ascending Triangle breakout or a Bear Flag breakdown, the next resistance is the 50 MA (~$1640) which it has tested in the previous two sessions. Volume is Moderate and on track to favor buyers for a second consecutive session if it can close today's session in the green. Parabolic SAR flips bullish at $1683, this margin is mildly bullish at the moment. RSI is currently trending up slightly at 45 after successfully defending the descending trendline from 07/17/22 as support at 37 support. Stochastic remains bullish and is currently testing 47 resistance with no signs of peak formation. MACD remains bearish and continues forming a trough at -46 minor support, if it can break above -22 it would be a bullish crossover. ADX is currently trending down slightly at 22 as Price is trending up, this is mildly bearish.
If Price is able to continue higher then it will likely retest the 50 MA at ~$1640 as resistance for a third consecutive session. However, if Price breaks down here, it will confirm a Bear Flag formation which would likely have Price retest $1427 support. Mental Stop Loss: (two consecutive closes above) $1711.
*JOBS REPORT WATCH. DXY and US Treasuries are dominating headlines again and pulling liquidity from markets as DXY hit $110 in today's session for the first time since September 2002. The 9th GDPNow US Q3 GDP estimate came in at 2.6% today compared to 1.6% on 08/26/22; this adds to the basket of recent bullish economic data leading up to tomorrow's Employment Situation. Cryptos are currently attempting to lead a corrective bounce in Risk-On markets after a Jackson Hole inspired sell off. Equities, Futures and Commodities are all down while DXY, US Treasuries, VIX and [recently] Cryptos are up. Something to keep an eye on regarding Cryptos next week is the due date for responses to the Biden Admin's Executive order on cryptocurrencies from market regulators and the US Treasury, Commerce and Justice Departments. Though mainly focused on the viability of a CBDC and its implementation, it will also help clarify which regulatory agencies are responsible for what in the cryptocurrency industry. Interestingly it will also discuss Proof of Work mining and its burden on ESG policies just days before Ethereum is set to transition to Proof of Stake. The Merge is still scheduled for launch on Ethereum's Mainnet 09/15/22. Bitcoin Maximalist Michael Saylor is being sued by the Washington D.C. Attorney General for alleged tax evasion. Key Upcoming Dates: August Employment Situation 830am EST 09/02; 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13.*
Price is currently trending up at ~$1566 and deciding between an Ascending Triangle breakout or a Bear Flag breakdown, the next resistance is the 50 MA (~$1640) which it has tested in the previous two sessions. Volume is Moderate and on track to favor buyers for a second consecutive session if it can close today's session in the green. Parabolic SAR flips bullish at $1683, this margin is mildly bullish at the moment. RSI is currently trending up slightly at 45 after successfully defending the descending trendline from 07/17/22 as support at 37 support. Stochastic remains bullish and is currently testing 47 resistance with no signs of peak formation. MACD remains bearish and continues forming a trough at -46 minor support, if it can break above -22 it would be a bullish crossover. ADX is currently trending down slightly at 22 as Price is trending up, this is mildly bearish.
If Price is able to continue higher then it will likely retest the 50 MA at ~$1640 as resistance for a third consecutive session. However, if Price breaks down here, it will confirm a Bear Flag formation which would likely have Price retest $1427 support. Mental Stop Loss: (two consecutive closes above) $1711.
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