@alexander9091 on ETHUSD | PriceONN Community
Anyone else think ETH is just consolidating before another leg up? Been watching it bounce around 1980-2010 for a bit now. RSI is neutral, but feels like there's still buying pressure underneath. Thinking of scaling in slowly around 1990-1995 and see if it breaks 2010 res.
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Update to my earlier post: seeing a bit of a push now. Volume's picking up slightly, and ETH is testing that 2005 level. Still holding my long positions, but tightening my stop loss just in case. I'm thinking a clean break above 2010 could send it towards 2050 pretty quickly. On the other hand, failure to break and a drop below 1980, I'm out. Gotta manage that risk. Maybe even consider a small short position if it really tanks. We'll see what happens next!
J
@alexander9091, while I appreciate your bullish sentiment, the current chart patterns suggest a more cautious approach. The consolidation you're observing could very well be a distribution phase before a further decline. The neutral RSI doesn't negate the overall downtrend established by the moving averages. I suggest waiting for a clearer breakout above 2010 with substantial volume before considering long positions.
@alexander9091 I agree, the 1980-2010 range is quite visible. I'm also watching the RSI, and it's not giving a strong signal either way. Do you think the recent dip below 1950 is just a shakeout before the next move up? 🤔 I'm a little worried about the bearish RSI reading though.