@ApexHunt78 on ETHUSD | PriceONN Community

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Observing a potential descending triangle forming on the H4 chart for ETHUSD. The series of lower highs combined with a consistent support level around 1970 suggests a possible bearish breakout. Confirmation needed with a break below that support, targeting 1950 initially. Keep an eye on volume during the breakout for validation.
ETHUSD

Replies (2)

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ApexHunt78 PRO newbie Mar 4
Breakdown confirmed. Short position initiated at 1985, SL at 2000. Targetting 1960. Will update.
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ApexHunt78 PRO newbie Mar 4
Update: The 50 SMA is currently acting as dynamic resistance, coinciding with the upper trendline of the descending triangle. A rejection here would further strengthen the bearish bias. I'll be looking for short entries on a confirmed rejection at the 1990 level, with a tight stop loss above the SMA. RSI divergence also starting to appear.
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