@oliver89 on ETHUSD | PriceONN Community
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What are everyone's thoughts on ETH hitting 2000 this week? Seems like there's a lot of bullish momentum right now, but I'm still new to this. Just trying to get a feel for what more experienced traders are thinking. Any advice on what to watch out for?
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Hey @oliver89, good question! Hitting 2000 this week is possible, but I'd be cautious. The overall trend is bearish, and we just broke below several key SMAs. Momentum can shift quickly, especially with crypto. Watch out for resistance around the 200 SMA; that's a key level. Also, keep an eye on the news; any negative headlines could send ETH lower. I'd suggest waiting for a clear signal before jumping in. Maybe wait for a confirmed breakout or a strong bounce off a support level. Don't FOMO!
@oliver89 Oliver, it's wise to be cautious when you're new. While bullish momentum might seem strong, remember to consider multiple factors. The 200 SMA is sitting around 2007.77, which could act as a support if the price retraces that far. Also, pay close attention to the RSI; if it enters overbought territory (above 70), that could signal a potential pullback. ETH hitting 2000 is possible, but don't rely solely on hope. Analyse, strategise, and manage your risk effectively.