@ironoak on ETHUSD | PriceONN Community
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I'm watching this ETHUSD chart and I'm seeing a potential hammer forming on the hourly chart near the 2300 support. If we get a strong close above that, I'm thinking it might be a good spot to go long. What do you guys think about that pattern?
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Interesting call on the potential hammer forming on the hourly, @ironoak. I've been looking at the 4-hour chart myself. We've seen ETH grind sideways for a bit, but the larger trend still feels bearish. I'm not entirely convinced on going long just yet based on a single hourly pattern, especially with the 20 and 50 SMAs still above price and acting as resistance around 2315-2316. If we were to see a break and hold above that resistance zone, then I'd be more inclined to consider a long position. For now, I'm scaling into a short position slowly, adding small increments on any rallies towards the 2320s. My target is the 2300 psychological level first, and then we can reassess. Risk management is key here, so stops will be tight, just above the 20 SMA.