ETH Daily TA Neutral Bearish
ETHUSD Daily neutral with a bearish bias. Recommended ratio: 40% ETH, 60% Cash. *Equities, Cryptos, Commodities, Treasuries, VIX and the Euro all finished today either relatively flat or slightly up; while DXY pushed even higher today signaling that fears of a "technical" global recession are still mounting. The correlations have been muddied all year but financial markets seem to be signaling that a recession is already priced in and that inflation is reaching its peak. However, there is very little evidence to support that the supply chain situation is improving at the moment (China still maintaining 'Zero-Covid' policy and Russia pushing on in Ukraine). According to the Fed, demand issues only account for 1/3 of US inflation and at least 1/2 of it is caused by global disruptions to supply chain; using this logic it would be reasonable to assume that inflation hasn't peaked because the situations in Ukraine and China have not improved while economic conditions around the world are simultaneously deteriorating. Seeing that Cryptos are the most 'Risk-On' asset in the markets currently, there isn't much of a bullish narrative that can be written up at the moment. That said, it would be prudent to remain vigilant during these times.* Price is currently testing the lower trendline of the descending channel from October 2021 at ~$1200 as resistance. Volume remains Moderate (high) and is currently on track to favor buyers for a second consecutive session if it can close today in the green; this is mildly bullish at this critical resistance. Parabolic SAR flips bullish at $1270, this margin is bullish. RSI is currently trending up at 49 after bouncing at 37 support and reclaiming the uptrend line from 06/18/22 at 41; the next resistance is the descending trendline from February 2020 (which coincides with 55 resistance). Stochastic crossed over bullish at 47 support in today's session and is currently trending up at 62, the next resistance is at 81. MACD remains bullish after denying a peak formation and is currently trending up at -63 as it approaches -47 minor resistance; it is also still technically testing -91 support. ADX is currently trending down at 33 as Price pushes higher, this is mildly bearish at the moment. If Price is able to reclaim support at the lower trendline of the descending channel from October 2021 at $1200 resistance, then the next likely target is a retest of the 50 MA just below $1426 resistance. However, if Price is rejected here then it will likely retest 
1K psychological support before potentially falling lower to test $776 support for the first time since breaking above it in January 2021. Mental Stop Loss: (two consecutive closes above) $1200.
1K psychological support before potentially falling lower to test $776 support for the first time since breaking above it in January 2021. Mental Stop Loss: (two consecutive closes above) $1200. 
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