@ethancook97 on ETHUSD | PriceONN Community
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Watching that 2111 pivot level closely today. It's been a solid support zone recently. If we get a clean break below it with volume, I'll be looking for shorts down to the S1 at 2096. Otherwise, a bounce here could target R1 around 2122.
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Hi @ethancook97, appreciate the focus on 2111. From a technical standpoint, I'm seeing the 50-day SMA currently acting as dynamic resistance just below current levels around 2152.53, and the 200-day SMA is also quite close at 2161.19. While 2111 is a valid pivot, I'd also be watching how price action interacts with those SMAs as we move through the latter part of the New York session. If we can hold above the 20-day SMA at 2166.64 and push towards the Bollinger upper band near 2189.91, that would signal a more robust bullish continuation. A break below 2111 would certainly invalidate that short-term bullish thesis, and then S1 at 2096 becomes the next logical target. However, given the broader bullish trend we've seen lately, I'm leaning towards a potential hold here and a retest of higher levels.
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Hi @ethancook97, thanks for sharing your thoughts on 2111. I'm still trying to figure out these levels myself. It's all a bit confusing! You mentioned a break below 2111 with volume, I'll try to watch for that. But honestly, if it drops more, I'm not sure if I should sell my position or just hold on and hope for the best. It feels like it might go down more today, but then again, maybe it's a dead cat bounce and it'll go up? My SL is set but I'm still super nervous watching it. I hope your short idea works out for you!