ETH Price & momentum update: 1. Moving averages: both short-term & long-term momentum are still intact - 50-day moving average = $2.96k - 100-day moving average = $2.6k - 200-day moving average = $2.5k 2. Momentum: ETH has lost momentum with a bearish cross-over in the MACD on 7/30 after reaching its highest point of the year. 3. RSI: ETH hit 88 on the RSI in July — the most overbought level of the year. The RSI is currently 54, trending down. ---- What I'm looking for: 1. Bearish momentum to persist for the next few weeks until we hear from Powell at Jackson Hole 2. Looking to see the MACD continue to decline before bottoming out and reclaiming the signal line for bullish confirmation (likely after more clarity from the Fed and more bearish sentiment plays out). 3. RSI to drop below 40, possibly entering into extreme oversold conditions (30). 4. Price to test the 50-day moving avg. around $3k (potentially another 15% drop) ---- If you're interested, we shared a macro + onchain data "cycle awareness" update with readers of @the_defi_report this week. Link below to access the latest research 👇

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