@reader967 on ETHUSD | PriceONN Community

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R
reader967 PRO newbie
ETHUSD Feb 24
The current momentum for ETHUSD appears strongly bearish, with price action well below the 20 and 50 SMAs. The RSI is currently at 30.5, nearing oversold territory on the H4, which typically suggests a potential bounce, but the overall trend remains firmly downward. We are approaching the lower Bollinger Band around 1800, which could offer some temporary support.
ETHUSD

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R
reader967 PRO newbie Feb 24
Update on my previous comment: While the RSI is low, indicating potential oversold conditions, the overall bearish sentiment on ETHUSD cannot be ignored, especially with price trading below all major SMAs. I am closely monitoring the S2 pivot at 1807.88 and the lower Bollinger Band at 1800.19.

A decisive break below these levels could signal further downside potential. For a position trade, I would require stronger confirmation of a reversal, perhaps a bullish divergence on the D1 timeframe, before considering any long positions. For now, any rallies towards the pivot point at 1821.32 could present shorting opportunities, targeting a move towards the 1800 psychological level or even lower if the selling pressure persists.
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