ETH/USD Daily TA Bearish
ETH/USD Daily bearish. *The weekend sell off in cryptos is continuing into Sunday's session with no respite amidst growing fears of a hard landing/deep recession.* Recommended ratio: 5% ETH, 95% Cash. Price is currently in a precarious position as it is currently testing the lower trendline of the descending channel from October 2021 at $1426 support and is also still technically testing the lower trendline of the Bull Flag from 05/12/22 as support. Volume remains Moderate (high) and is on track to favor sellers for a six consecutive sessions if it can close today's session in the red. Parabolic SAR flips bullish at $1885, this margin is neutral at the moment. RSI is currently trending down at 28 and is beginning to form a trough as it approaches a test of the uptrend line from 01/22/22 at 27 as support; if it breaks below this level, the next support would be the ATL at 17.42. Stochastic remains bearish and is currently testing max bottom (where it has the potential to coast for a while in the "bearish autobahn zone"). MACD crossed over bearish at -142 in today's session and is currently trending down at -153; the next support is the ATL at -318.82. ADX is currently trending up at 40 as Price continues to fall, this is bearish. If Price is able to defend support here at the lower trendline of the descending channel from October 2021 at $1426 support, then it will have to recapture support at the lower trendline of the descending channel from 05/12/22 at $1525 before it can aim to retest $1711 minor resistance. However, if Price continues to break down here, it will likely test $775 support for the first time since breaking out above it in January 2021. Mental Stop Loss: (two consecutive closes above) $1560.
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