ETH Daily TA Cautiously Bullish
ETHUSD Daily cautiously bullish. Recommended ratio: 80% ETH, 20% Cash. *Ethereum's Merge is currently estimated to be ready for launch on Mainnet on 09/11. Cryptos are seeing a choppy weekend as they attempt to continue bullish momentum going into a big earnings week for Equities and a Fed decision on whether or not to raise more than 75bps on 07/27. Russia and Gazprom continue to maintain that EU and Canadian sanctions are to blame for the delay in the return of the repaired turbine and have resumed pumping gas at 40% capacity on 07/21; however Germany refers to the disruption in gas flow as a political weapon being used by Russia. The WHO also declared Monkeypox to be a Public Health Emergency of International Concern, this is the seventh time since the WHO started making such declarations after the SARS outbreak in 2002-2004. That said, it's reasonable to expect for volatility to rise in the coming week but it's also important to remember that money markets tend to start pricing in recoveries by the time recessions are officially declared.* Price is currently completing a weak Bull Flag formation as it continue to hover above $1427 support in hopes of testing $1711 minor resistance. Volume is Moderate (low) and has been shrinking for six consecutive sessions now, hinting at a potential pending breakout/breakdown; additionally, it has maintained a fair balance between buyers and sellers over that same period which is indicative of consolidation before moving higher. Parabolic SAR flips bearish at $1240, this margin remains neutral at the moment. RSI is currently trending up slightly at 64 after bouncing at 63, the next resistance is at the 50/50 uptrend line from November 2018 at 71 and the next support is the descending trendline from February 2020 at 55 support. Stochastic remains bearish and is currently completing a trough formation as it attempts to cross over bullish at 89, the next support is at 81 and the next resistance is max top. MACD remains bullish and is currently beginning to form a soft peak at 79 as it is on the verge of reclaiming 28 support; the next resistance is at 155 and coincides with the descending trendline from August 2021. ADX is currently trending up slightly at 31 as Price consolidates, this is mildly bullish at the moment. If Price is able to breakout from here then the next likely target is a test of $1711 minor resistance for the first time since losing support there on 06/10/22. However, if Price breaks down here then it will likely test $1427 support for the first time since breaking above it on 06/18/22. Mental Stop Loss: (one close below) $1427.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.