ETH Daily TA Neutral Bullish
ETHUSD Daily neutral with a bullish bias. Recommended ratio: 52% ETH, 48% Cash. *Today in an interview with the Washington Post, Cleveland Fed President Loretta Mester said that inflation hasn't peaked yet and that we still have a ways to go on raising interest rates but that we are "not in a recession right now"; she also mentioned that she expects unemployment to go up and that investments, consumer expenditures and housing numbers are all starting to decline. US Speaker of the House Nancy Pelosi landed in Taiwan and is scheduled to meet with human rights activists and politicians tomorrow to the dismay of the PRC and PLA, it has yet to be seen what countermeasures will be taken by China in response but they are likely to be aimed at Taiwan directly. Kremlin Spokesman Dmitry Peskov said the trip is provocative and that Russia backs China's view that Taiwan is not independent. As for Ethereum, assuming no setbacks, the Merge is estimated to launch on 09/12/22. The SEC continues its promise to bring increased regulation to crypto by charging 11 people for running a 300m Ponzi disguised as a decentralized smart contract platform. Earnings this week continue to point to a prolonged economic slowdown but this is hardly a factor as markets continue to look for more signs of a Fed pivot. Key dates remaining this week: St. Louis Fed President James Bullard speaks at 645 EST today; Nancy Pelosi speaks to Taiwanese human rights activists and politicians tomorrow (08/03); Cleveland Fed President Loretta Mester speaks at 12pm EST tomorrow (08/03); July BLS Employment Situation at 830am EST (08/04).* Price is currently trending down after getting rejected on its initial test of $1711 minor resistance and is currently looking for support at ~$1650 after briefly touching $1550. Volume is currently Moderate and on track to break a four session streak of seller dominance if it can close today in the green; this would help confirm that there is enough support for a retest of $1711 minor resistance. Parabolic SAR flips bearish at $1395, this margin is neutral at the moment. RSI is currently trending sideways at 60 as it tests the uptrend line from 06/18/22; if it breaks below this, the next support is the descending trendline from February 2020 at 55 support. Stochastic remains bearish and is currently testing 47 support with no signs of trough formation. MACD remains bullish and is currently trending down at 100 as it creeps toward a bearish crossover which would happen if it fell below 93; the next resistance is the upper trendline of the descending channel from August 2021 just below 28 resistance, the next support is at -46. ADX is currently trending down at 29 as Price is seeing selling pressure, this is mildly bullish. If Price is able to bounce here then it will likely retest $1711 minor resistance and potentially go higher to $1941 resistance. However, if Price continues to break down here, the next likely target is a retest of $1427 support. Mental Stop Loss: (one close below) $1550.
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