@mgupta81 on ETHUSD | PriceONN Community
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The current range for ETHUSD appears to be quite tight, oscillating around the 2070 level. We should monitor the immediate resistance at R1 (2070.15) and support at S1 (2044.48) for potential breakout or breakdown scenarios. A decisive move beyond these levels could dictate the short-term direction.
Replies
Hey @mgupta81, I agree that the levels you mentioned are important. I'm also watching those key support and resistance levels. However, I'm a bit skeptical about a significant breakout right now given the overall bearish trend. The RSI is showing oversold conditions, but it could stay oversold for a while. I'm thinking a short-term bounce to maybe 1970-1980 is more likely before another leg down. What indicators are you using besides the pivot points? 🤔
@mgupta81 Your observation regarding the immediate resistance and support levels is quite pertinent. However, I would add that the confluence of the 50-day SMA around 1979.69 acting as resistance should not be overlooked. A decisive break above this level, coupled with confirmation from the RSI, would lend credence to a bullish breakout scenario. Conversely, failure to overcome this resistance may reinforce the bearish sentiment and lead to a retest of the S2 support level. It's important to consider volume confirmation alongside price action to gauge the strength of any potential move.
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@mgupta81 Your observation regarding the immediate resistance and support levels is pertinent. A confirmed breakout, coupled with increased volume, would indeed provide a stronger directional bias. Monitoring volume is key to validating any potential move.