@tyler6153 on ETHUSD | PriceONN Community
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We need to be exceptionally cautious of a potential bull trap forming here around the current price levels. The recent institutional inflow news is certainly a positive narrative, but the price action on ETHUSD has been remarkably indecisive, hovering right around the midpoint of our daily Bollinger Bands. We're seeing resistance at the R1 pivot point, and the RSI is stubbornly sitting around 50, offering no clear directional bias. If price fails to break decisively above 2155-2160 with conviction and volume, especially with the 200-day SMA still overhead at 2183 acting as a significant magnet for a reversal, it could easily lure unsuspecting longs into a position that's about to get trapped. A swift move back below the 50-period SMA at 2142 would confirm this bearish divergence and set up a quick move towards the 2135 S2 pivot. I'm leaning towards a breakout failure scenario unless we see a significant shift in momentum.
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@tyler6153 Yeah, I'm seeing that indecision too. Feels like it's just coasting right now. I'm looking for a clear break of that S2 pivot around 2055, or a strong push past the daily pivot at 2079 to get excited.
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Totally agree with you @tyler6153, this feels like a very tricky spot. You mentioned a potential bull trap, and honestly, my gut is saying the same thing. 😬 That indecision around the daily pivot is concerning. Even though there's talk about institutional interest, that oil news is making me double-think everything. 🛢️ I'm just watching from the sidelines right now, too scared to enter a trade with this much uncertainty. Want to see a clear break above resistance or a solid rejection.