ETH Daily TA Neutral Bullish

ETHUSD Daily neutral with a bullish bias. Recommended ratio: 57% ETH, 43% Cash. *The US Employment Situation was released this morning and, by some supernatural forces at play, the job Gods produced the lowest unemployment since February 2020 (pre-Covid) and Non-Farm Payrolls went up from 398k in June to 528k in July. Pair this with the improving GDP forecasts, wage growth and relatively strong retail sales and it's easy to see why markets are getting bullish. Next week's CPI and PPI reports will provide a clearer outlook as to how 2022 may end, but aside from that markets have noticeably tilted bullish in the short-to medium term. The Jackson Hole Economic Symposium on 08/25-08/27 will also help provide a EOY forecast for the US economy and help determine whether the Fed will raise 50bps, 75bps or 100bps on 09/21. The Merge is still scheduled for launch on Mainnet 09/12/22. Key dates next week: 4th US Q3 GDP estimate at 10am (EST) 08/10; CPI at 830am (EST) 08/10; PPI at 830am (EST) 08/11.* Price is currently retesting $1711 minor resistance after completing a Bull Flag formation and bouncing at ~$1600. Volume remains Moderate (high) and is on track to end a two session streak of seller dominance if it can close today's session in the green; buyer dominance in today's session would be bullish. Parabolic SAR flips bearish at $1427 support, this margin is neutral at the moment. RSI is currently trending up at 63 as it attempts to reclaim support at the uptrend line from 06/18/22 (~61), if it can do this then the next resistance would be the 50/50 uptrend line from November 2018 at ~72. Stochastic crossed over bullish in today's session and is currently trending up at 44; it is still technically testing 47 support. MACD remains bearish for a second session and is currently forming a trough at 89, if it breaks above 93 it would reverse to a bullish crossover; the next resistance is the upper trendline of the descending channel from August 2021 just below 28 resistance. ADX is currently trending down at 28 as Price attempts to finish the correction and resume the rally. If Price is able to breakout above $1711 minor resistance and flip it to support, then it will likely test $1941 resistance for the first time since breaking below it on 06/10/22. However, if Price is rejected here, it will likely retest $1427 support. Mental Stop Loss: (one close below) $1566.
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