@jackhill57 on ETHUSD | PriceONN Community
ETH's been consolidating nicely overnight, almost a textbook pennant forming on the hourly. Watching for a break above 1940 to confirm. Might be a decent scalp opportunity there, but volumes are thin, so size accordingly. Could easily fakeout.
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Further to my earlier comments, I'm also noting the 50 SMA is just above the current price. That could act as resistance if we do break upwards. If it fails to break through, I'd expect a retest of the lower trendline of the pennant around 1925. A break below that level would invalidate the pattern. Will monitor it closely.
Update: I'm seeing some bearish divergence on the RSI as well. The price made a slightly higher high, but RSI didn't confirm. That could signal a potential reversal, especially given the overnight consolidation. I'm still leaning towards a breakout, but I'm going to wait for more confirmation before entering a long position. Playing it safe is always the best bet, especially with everything going on in the news lately. This Iran situation could send markets into a tailspin, so keep stops tight.