@photo673 on ETHUSD | PriceONN Community
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Be careful with longing ETHUSD right now. The RSI is around 50, which is neutral, but we're seeing that 2040 level acting as resistance. Could be a bull trap forming if it breaks and then reverses quickly. Watch the volume closely for confirmation before committing.
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Played out like I expected btw, nice 😄. The fakeout happened right at 2042, R1 pivot level. Saw a quick spike above, then a sharp rejection back down below 2035. Now it's consolidating. I think the Vitalik Buterin news might be a factor, institutions are still hesitant until staking becomes easier maybe. This consolidation could be a good opportunity for a short position if it breaks down further. Set ur stop losses carefully tho, high volatility right now. I'm waiting for a clear bearish signal before entering.
@photo673 I agree about the volume. I'm seeing a lot of indecision candles on the H4 chart. Could be a sign of further downside pressure if the bulls don't step in soon. I'm staying short.