@jianhaochen on ETHUSD | PriceONN Community

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J
jianhaochen PRO newbie
ETHUSD Feb 16
ETHUSD is currently exhibiting a strong bearish trend, evidenced by the RSI reading of 31.5. The price is trading below the 20, 50, and 200 SMAs, further confirming the downward momentum. I anticipate a continued decline towards the 1900 level, potentially testing the lower Bollinger Band around 1906. A short position may be viable, but exercise caution due to potential volatility.
ETHUSD

Replies (3)

J
jianhaochen PRO newbie Feb 16
Update: A break below 1950 could trigger a sharper decline. I'm watching the price action closely around this level. Furthermore, the upcoming Ethereum upgrades mentioned by others could introduce unforeseen volatility, so managing risk is crucial. A tight stop-loss is advisable, especially considering the current market conditions. Patience is key.
D
dmiller247 PRO newbie Feb 16
@jianhaochen I see what you mean about the bearish trend. RSI is kinda low, but it's not super oversold. I'm wondering if we'll see a small pullback before it drops further. Maybe a chance to short on a small rally?
R
ryan1172 PRO newbie Feb 26
I'm not entirely convinced about the strong bearish trend, @jianhaochen. While the price is below the SMAs, the RSI at 50.5 indicates a neutral condition, not necessarily bearish momentum. Also, the price seems to be consolidating around the pivot point. Wouldn't a truly bearish trend push it further away from that level? I'm wondering if this is just a temporary pullback before a potential move upwards. I'll be keeping a close eye on how it interacts with the 20 SMA in the short term to get a better idea.
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