@cheryl9554 on ETHUSD | PriceONN Community
Wow ETHUSD really flying today, up like 12% in a day. It's pushed past 2070 and the RSI is way up at 78.7, definitely overbought now. I'm trying to figure out if this rally still has legs to hit the R1 around 2146 or if a correction is overdue.
Replies
Yeah, will watch closely at 2100. A break and hold above that could mean more upside, otherwise a pullback to the 2000 mark is possible.
Just to add on, the upper Bollinger band is at 2132 so there's a bit of a ceiling there. If it pushes past that, then the next target could be R2 at 2193. But seriously, that RSI is screaming caution. I might just take some profits off the table if it touches 2100 and wait for a clearer signal.
E
@cheryl9554, I agree that ETHUSD is showing significant upward momentum, but I'm also concerned about the overbought RSI. While the R1 pivot point at 1952.8 is a potential target, the news about the US and Israel launching a joint military strike on Iran, as markets brace for shock, introduces a significant element of uncertainty. It's possible that safe haven assets might see increased demand. Perhaps a more conservative approach would be to wait for a slight pullback before considering further entries, or to reduce position size to mitigate risk. It's always a balancing act between chasing the trend and protecting capital, especially with so much volatility.