There's a big unwind of all kinds of safe-haven trades at the moment. Stocks are roaring and the US dollar is sinking across the board. However the biggest moves are in crypto with bitcoin up 9% and ethereum up a whopping 16%.

The shift came after Powell downplayed the odds of another 75 basis point hike in September and shifted the Fed to a meeting-by-meeting stance that's focused on data.

Unfortunately that still doesn't wipe out the declines in the past two days but I see it as a rejection of the break lower. A complete rejection would come on a break of 1664, which is about $60 above spot.

ETH daily chart July 27