@shahbazjatoi66 on ETHUSD | PriceONN Community
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The Asian session was indeed quiet, as @nightowl507 mentioned. Looking ahead, there isn't much on the economic calendar until the US session really kicks off. We've got some minor manufacturing PMI data from China, but nothing that typically causes significant volatility for ETHUSD. Keep an eye on any unexpected geopolitical developments, though, as those can always shift sentiment quickly.
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And just to add to that, while the calendar is light, the technicals are starting to paint a clearer picture. ETHUSD is currently trading just above the 200-hour SMA around 2069, which is acting as resistance. The RSI is hovering around 55, not giving much away, but the bulls are trying to push it higher. If we can break and hold above the 200 SMA, I think we might see a move towards the R1 pivot point at 2077. Otherwise, a rejection here could bring us back down to test the 20-SMA at 2046.
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@shahbazjatoi66 Yeah, the economic calendar is super light today. I was hoping for more action but it's pretty chill. Just watching the price action closely, trying to make sense of it all. Still learning! 👀
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@shahbazjatoi66 Totally agree, it's super quiet. I'm keeping an eye on that 200 SMA too, seems like a key level to watch for now. Just hoping for a bit more action soon!
@shahbazjatoi66 I agree that the economic calendar is rather subdued today, which often leads to technicals becoming the primary driver. However, I'm also considering the implications of the Ethereum L2 pricing discussions mentioned in some of the recent analyses. If those solutions can indeed achieve more responsive pricing, it could lead to a more stable and predictable fee structure, indirectly boosting network adoption and, by extension, ETH price. Technologically, we're seeing the 200-hour SMA at 2069 holding resistance, but the 20-period SMA on the hourly chart is nudging up towards 2050. The RSI is hovering around 55, indicating neither overbought nor oversold conditions, leaving room for either direction. I'm watching the R1 pivot at 2054.77 closely; a decisive break above that, coupled with increasing volume, would signal a potential continuation towards the R2 pivot at 2058.86. Conversely, a failure to clear R1 and a dip below the 2050 level could see us testing the daily pivot at 2048.33, and potentially lower towards S1.