ETH Daily TA Cautiously Bullish
ETHUSD daily guidance is cautiously bullish. Recommended ratio: 65% ETH, 35% Cash.
*CRITICAL RESISTANCE WATCH. China's refusal to adapt to the reality that the virus they helped introduce to the world likely cannot and will not ever be eradicated weighed on markets yet again in a short trading day for US Equity and Bond markets. TBH I hope there is more upheaval and that Chinese citizens are able to overcome this lockdown battle that is frivolous at best. This may have bled out into Crypto markets but it was rather temporary if it did.
Cryptos, Equity Futures, DXY, Long-Term US Treasurys, Gold, Agriculture, N100 and VIX are up. US Equities, Energy, EURUSD, GBPUSD, JPYUSD, CNYUSD, HSI, NI225 and Short-Term US Treasurys are down.
Key Upcoming Dates: US Consumer Confidence Index at 10am EST 11/29; 2nd BEA Estimate of US Q3 GDP at 830am EST 11/30; Fed Chair Jerome Powell speech at Brookings Institute at 130pm EST 11/30; Beige Book at 2pm EST 11/30; October PCE Index at 830am EST 12/01; November Employment Situation at 830am EST 12/02; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14.*
Price is currently trending up at $1220 as it approaches a retest of $1270 minor resistance. Volume finished yesterday's session favoring sellers and is on track to favor buyers if it can close today's session in the green; it has been shrinking for 5 consecutive sessions now which is indicative of an impending breakout/breakdown. RSI is trending up slightly at 45 as it approaches a test of the descending trendline from February 2020 at 50 as resistance. Stochastic remains bullish and is currently forming a soft peak at 98 as it approaches a test of max top for the first time since September 2022. MACD crossed over bullish in today's session and is currently trending up at -61, the next resistance (minor) is at -46. ADX is currently trending down slightly at 46 as Price is pushing higher, this is mildly bullish at the moment.
If Price is able to continue higher then it will likely retest $1270 minor resistance before potentially retesting the 50MA at ~$1343 as resistance which should coincide with the uptrend line from June 2022 (as resistance). However, if Price breaks down here, it will likely fall back to $1100 before potentially retesting $1000 minor support. Mental Stop Loss: (one close below) $1100.
*CRITICAL RESISTANCE WATCH. China's refusal to adapt to the reality that the virus they helped introduce to the world likely cannot and will not ever be eradicated weighed on markets yet again in a short trading day for US Equity and Bond markets. TBH I hope there is more upheaval and that Chinese citizens are able to overcome this lockdown battle that is frivolous at best. This may have bled out into Crypto markets but it was rather temporary if it did.
Cryptos, Equity Futures, DXY, Long-Term US Treasurys, Gold, Agriculture, N100 and VIX are up. US Equities, Energy, EURUSD, GBPUSD, JPYUSD, CNYUSD, HSI, NI225 and Short-Term US Treasurys are down.
Key Upcoming Dates: US Consumer Confidence Index at 10am EST 11/29; 2nd BEA Estimate of US Q3 GDP at 830am EST 11/30; Fed Chair Jerome Powell speech at Brookings Institute at 130pm EST 11/30; Beige Book at 2pm EST 11/30; October PCE Index at 830am EST 12/01; November Employment Situation at 830am EST 12/02; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14.*
Price is currently trending up at $1220 as it approaches a retest of $1270 minor resistance. Volume finished yesterday's session favoring sellers and is on track to favor buyers if it can close today's session in the green; it has been shrinking for 5 consecutive sessions now which is indicative of an impending breakout/breakdown. RSI is trending up slightly at 45 as it approaches a test of the descending trendline from February 2020 at 50 as resistance. Stochastic remains bullish and is currently forming a soft peak at 98 as it approaches a test of max top for the first time since September 2022. MACD crossed over bullish in today's session and is currently trending up at -61, the next resistance (minor) is at -46. ADX is currently trending down slightly at 46 as Price is pushing higher, this is mildly bullish at the moment.
If Price is able to continue higher then it will likely retest $1270 minor resistance before potentially retesting the 50MA at ~$1343 as resistance which should coincide with the uptrend line from June 2022 (as resistance). However, if Price breaks down here, it will likely fall back to $1100 before potentially retesting $1000 minor support. Mental Stop Loss: (one close below) $1100.
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