@oliver746 on ETHUSD | PriceONN Community
O
I've just entered a small short position on ETHUSD around the 2260 mark. Given the current drop and the RSI looking quite bearish on the 1-hour chart, I'm cautiously optimistic about a move lower. My stop-loss is set just above the 2300 level for now, as I'm still a bit wary of this volatility.
Replies
O
Also, I noticed in the market data that the 20-period SMA is just above the current price, around 2321. This often acts as resistance on shorter timeframes. If we can't break back above that soon, it further supports the bearish outlook for ETHUSD in the immediate term. It's still early days for this trade, and I'm definitely keeping a close eye on all these indicators. The S2 pivot at 2292 is also a key level to watch if the price continues to fall.
O
Actually, thinking more about that short position, I'm wondering if I should have waited for a clearer break below the 2250 support level. The price is hovering right around it now, and it's hard to tell if this is a genuine breakout or just a false move. I suppose the CPI data later could really shake things up, either way. It's always a gamble with these major economic releases, isn't it? I might adjust my stop loss if it starts consolidating too much here, I don't want to get stopped out too early or too late.
Hey @oliver746, I see your concern about entering short before a clear break of 2250. It can be risky. Waiting for confirmation, especially with the 20 SMA acting as resistance, is usually a safer bet to avoid getting caught in a choppy market.