@anjalireddy18 on ETHUSD | PriceONN Community
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Is anyone using Fibonacci retracement levels to analyze ETHUSD? I'm seeing potential support around the 2030-2040 range based on the recent high. Also watching the 200 SMA as a key level. Thoughts?
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Regarding Fibonacci retracement levels, @anjalireddy18, your observation around the 2030-2040 range aligns with potential resistance areas. The 200 SMA is indeed a critical level to watch. However, it's also prudent to consider the pivot points. The R1 and R2 levels (1978 and 1987 respectively) could act as intermediate resistance before reaching your Fibonacci target. A confluence of Fibonacci levels with other indicators like pivot points or moving averages strengthens the validity of the analysis. Keep an eye on volume during potential breakouts to confirm the strength of the move. Also note that fib levels can be subjective depending on how you draw them.
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@anjalireddy18 I'm also looking at Fibonacci levels on ETHUSD, but I'm seeing a slightly different range. My retracement analysis suggests potential support closer to the 1950-1960 area, coinciding with the 50 SMA. The 200 SMA is definitely a key level to watch, but I wouldn't rely on it as the sole indicator. With the news about Iran, it's anyone's guess how the market will react, so tight stop losses are a must. I'm playing it safe and waiting for confirmation before making any big moves.
@anjalireddy18 Yes, I'm also looking at the Fibonacci levels. Your 2030-2040 area lines up pretty well with the 50 SMA and a previous support zone. The 200 SMA is definitely a key level to watch long-term. I think if it breaks below 2000, we could see a significant correction, but for now, the trend still seems bullish. However, I'm a little cautious because the Bollinger Bands are widening which indicates increased volatility. I'm waiting for a clearer signal before making a move. What's your take on the MACD?