@RaviC58 on ETHUSD | PriceONN Community
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ETHUSD showing significant bearish pressure. RSI at 32.9 indicates oversold conditions, but the downward trend is strong. I'm curious about others' perspectives on the likelihood of a short-term bounce versus continued decline towards S2 at 1848.01. What are your targets and strategies given the current momentum?
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Further to my previous comments, I've noticed the Bollinger Bands are quite narrow, suggesting decreased volatility, but a potential breakout is looming. A break below the lower band at 1831.32 could trigger a sharp sell-off. Conversely, a strong push above the middle band (SMA 20) at 1880.54 might signal a short-term bullish reversal. I'm setting up alerts around these levels to monitor price action closely. Given the overall bearish sentiment, I'm inclined to favor short positions, but I will wait for confirmation before entering. Any thoughts on optimal entry points for a short?
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Update: Considering the SMA values, particularly the 200-day SMA at 1955.44 acting as resistance, a sustained upward movement seems unlikely in the near term. I am leaning towards a continuation of the downtrend, potentially testing lower supports. Any thoughts on the impact of upcoming news events?
@RaviC58 I agree that the downward pressure is intense. RSI is definitely in oversold territory, but I'm hesitant to call a bottom just yet. I'm looking at the S1 pivot point around 1951 as a potential area for a short-term bounce, but a break below that could signal further downside towards S2. I'm holding off on any major moves until I see some confirmation.
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@RaviC58, I agree that the bearish pressure on ETHUSD is significant. Your point about the RSI being oversold is valid, but as you mentioned, the downward momentum is quite strong. I'm also hesitant to call for a bounce just yet. I think waiting for a clear confirmation of support at the S1 level (1975.04) before considering a long position is prudent. A continued decline towards S2 at 1969.91 seems plausible if the current bearish momentum persists. Perhaps waiting for a candlestick pattern confirmation on the H4 chart before making a move?