@ella93 on ETHUSD | PriceONN Community

Update: Given the proximity to the R1 pivot point around 2059, I suspect we might see some resistance building there. A break above that level could signal further upside potential, but I'm still hesitant to chase this rally. A more conservative approach would be to wait for a retest of the SMA 20 or SMA 50 as potential support levels. Always remember to factor in potential news events and macro data releases that could impact market sentiment. Volatility is our friend, but only when managed properly. Setting appropriate stop losses is key, especially with ETH's inherent volatility. Perhaps scaling in slowly is a better approach.

@ella93, I agree with your assessment that caution is warranted. While the bullish momentum is undeniable, the overbought RSI is a significant red flag. I'm also wary of chasing the rally at these levels, particularly given the potential for a sharp pullback. I'm considering a short-term counter-trend trade, but as you mentioned, risk management is paramount. A confirmed reversal pattern on the H4 chart would further strengthen the case for a short position, but I'll be watching price action very closely.

@ella93 Thanks for the insight! 🙏 I'm seeing that overbought RSI too, and it's definitely making me think twice. What kind of confirmation signals are you looking for?

@ella93 Thanks for the analysis. I'm seeing the RSI around 46, which I thought was more neutral, not overbought. Maybe I'm misinterpreting it? I'm trying to understand how to best use RSI in conjunction with other indicators like the Bollinger Bands. The upper band is at 2005.74, so if it breaks that, would that negate the RSI signal somewhat? Any thoughts on that interaction?

@ella93, I agree that caution is warranted given the recent rally. A pullback seems plausible, and I'll be monitoring volume in conjunction with price action for confirmation.

I agree with @ella93 that caution is warranted. The RSI is hovering around 50, but it could easily dip lower. I'm also watching for confirmation signals before making any moves. Risk management is definitely crucial in this uncertain environment.