ETH Daily TA Bullish
ETHUSD Daily bullish. Recommended ratio: 90% ETH, 10% Cash. *SUNDAY/MONDAY SCARIES. Cryptos enjoyed a rally for most of the weekend on news that Ethereum's Merge is scheduled for launch on Mainnet around September 19th. This news combined with the lighter tone in the past week from the Fed's Waller, Bostic, Barkin and Bullard, has seemingly lifted markets in the short term. However, a negative catalyst materialized last week when China (the worlds largest fertilizer producer) announced they would put a cap on phosphate exports. This move by China will likely adversely impact global food production and further disrupt supply chains (therefore potentially pushing inflation higher). Key dates this week: Housing Starts and Building Permits report released at 830am (EST) on 07/19.* Price is currently testing the 50 MA as support for a second consecutive session at $1350 after reclaiming support at the lower trendline of the descending channel from October 2021 at $1250; the next resistance is at $1427. Volume remains Moderate and is currently attempting to resume buyer dominance after ending a four day streak of buyer dominance in yesterday's session. Parabolic SAR flips bearish at $1050, this margin is neutral at the moment. RSI is currently trending up at 59 after bouncing at 58, this is just above the descending trendline from February 2020 at 55 support so it's possible that RSI formally tests 55 as support in the near-term. Stochastic remains bullish at max top as it coasts in the "bullish autobahn" (bullish in the near-term). MACD remains bullish and is currently trending up at ~1 as it looks to establish -46 as support, the next resistance is at 28. ADX is currently trending down at 27 as Price pushes higher, this is mildly bullish at the moment. If Price is able to establish the 50 MA as support at $1350, the next likely target is a test of $1426 resistance before potentially heading higher ($1711 minor resistance). However, if Price breaks back down below the 50 MA, it will likely formally retest the lower trendline of the descending channel from October 2021 at ~$1100 as support. Mental Stop Loss: (one close below) $1135.
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