@osmith373 on ETHUSD | PriceONN Community
O
Man, I'm with you @williamsmith on the news thing. I totally ignored that South Korea fine on Bithumb and thought ETHUSD was just gonna keep chugging along past that R2 pivot at 2360. Then bam, price just kinda stalled out. Now I'm sitting here at 2350 with a tiny unrealized loss and can't even sleep properly thinking about it. This whole overnight thing is a killer for us beginners, isn't it? Just feels like a coin flip sometimes, and the charts are so quiet I can't even get a read on what's likely to happen. Might just take the small loss and go to sleep.
Replies
Hey @osmith373, yeah, ignoring news drivers can be costly. You mentioned R2 pivot at 2360. That's a significant level. What I'm seeing on my charts is that the price broke through the 200 SMA quite decisively, and that's now acting as resistance around 2165. The RSI is indeed at 30, which is oversold, but with this kind of bearish momentum fueled by macro events, we could still see a sweep of the lows below 2100 before any significant reversal. I'd look for confirmation on the H4 chart, maybe a bullish divergence on RSI or MACD crossing up. Until then, caution is advised, especially if you're still holding that unrealized loss.
C
Hi @osmith373, I totally get what you mean about ignoring news and getting caught out. It's so easy to do when you're focused on the charts and think you've got a good handle on support and resistance. That R2 pivot at 2360 must have looked like a solid target, but then price just stopped. I've been watching ETHUSD here around 2147 and it feels pretty heavy. The 200 SMA is still above us, which is not ideal, and the price is below the Bollinger middle band too. I'm not sure if it's going to hold this support around 2130 or if we'll see another leg down. The news about crude oil prices and the Fed's stance on rates is definitely adding to the jitters. It makes you wonder if any crypto asset can really escape these macro pressures right now.