ETH/USD Daily cautiously bearish. *CPI report came out today... 8.6% inflation reading sent both equity and crypto markets lower, Gold is slightly up on the day.* Recommended ratio: 20% ETH, 80% Cash. Price is currently breaking down below $1711 minor support (still technically retesting it) and looks like it wants to test the lower trendline of the descending channel from 05/11/22 at $1575. Volume remains Moderate (high) and is on track to favor sellers for four consecutive sessions if it can close today in the red. Parabolic SAR flips bullish at $1941 resistance. RSI is currently trending down at 34 and is still technically testing 36.91 support; the next support is the uptrend line from 01/22/22 at 27. Stochastic is on day two of being bearish and is currently retesting 46.76 support. MACD remains bullish but has formed a soft peak and is currently trending down slightly at -125; it would have to break below -140 to cross over bearish. ADX is currently forming a trough and is trending up slightly at 38 as Price continues to fall, this is bearish. If Price is able to bounce from $1711 minor support then it will likely retest the upper trendline of the descending channel at $1815 as resistance. However, if Price continue to break down here, it will likely retest the lower trendline of the descending channel at $1575 before potentially testing $1426 support (which would also coincide with the lower trendline of the descending channel from October 2021). Mental Stop Loss: (two consecutive closes above) $1812.
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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.