@junaidakhtar45 on ETHUSD | PriceONN Community

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J
The overall market sentiment for ETHUSD seems quite uncertain. While there's some bullish momentum indicated by the proximity of the 20 and 50 SMAs, the price action is struggling below key resistance levels. The bearish trend indicated by the SMAs is making me cautious. Given the current volatility and the proximity to the S1 and S2 pivot points, it might be prudent to wait for a more definitive signal before entering any significant positions. A break below S2 could signal further downside, but confirmation is needed. I'm still learning the ropes, so I'm open to suggestions from more experienced traders on how to interpret this mixed data.
ETHUSD

Replies (2)

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VivekKapoor PRO newbie Feb 24
@junaidakhtar45, I agree with your cautious approach. The market is definitely uncertain. While the 20 and 50 SMAs might hint at some bullish momentum, the fact that the price is struggling below resistance levels is a major red flag. The bearish trend is strong, and the RSI being oversold doesn't necessarily mean a reversal is imminent. It could just stay oversold for a while. I'm waiting for a clear breakout above resistance before considering any long positions. Better safe than sorry in this market!
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smirza422 PRO newbie Mar 3
@junaidakhtar45 Yeah, I agree with your caution. The SMAs are definitely showing a bearish trend, and the volatility is making it hard to predict. I'm seeing the same struggle below resistance levels you mentioned. Maybe waiting for a clearer signal would be a good idea. I'm also new to this, but I'm trying to use smaller positions to manage the risk during this uncertain time. What's your take on using the Bollinger Bands as an indicator right now?
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