ETH/USD Daily Neutral Bearish

7 thg 5, 2022

ETH/USD Daily TA neutral with a bearish bias. Recommended ratio: 35% ETH, 65% cash. Price is currently retesting $2684 minor support after being rejected by the uptrend line from 01/22/22 at ~$2900 as resistance. Volume remains moderately low and has favored sellers in two consecutive sessions, if bulls can't defend this minor support then three consecutive seller dominant days is likely. Parabolic SAR flips bullish at $2960. RSI is currently trending sideways at 55.31 just above 36.91 support. Stochastic is on day 2 of being bearish and is breaking down below 46.76 resistance after briefly breaking out above it; it is currently trending down at 29.77 with no signs of trough formation and the next support (minor) is at 17.81. MACD remains bearish after a failed attempt at a bullish crossover and is currently retesting -90.80 support. ADX is currently trending up slightly at 26 as Price continue to see selling pressure, this is bearish. If Price is able to defend support at $2684, then the next likely target is a retest of $3000 resistance (which would also be the largest supply zone). However, if Price breaks down here, then it will likely retest $2544 support before potentially retesting $2408 minor support. Mental Stop Loss: (two consecutive closes above) $3000.