@michaelsmith83 on ETHUSD | PriceONN Community
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This dollar strength is killing everything. Saw ETH drop right after that recent news hit. Think it'll keep going down short term. Looking for a quick scalp opportunity.
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@michaelsmith83 I hear you man, the dollar strength is a pain, but I think you're reading this ETH move a bit too bearishly. That drop to 2130? That was pure stop hunting. See how fast it bounced back? The RSI is screaming oversold at 29, and we're sitting right on the 200 SMA. This is prime accumulation territory, not a sign for further downside. Even with the wholesale price data showing inflation, I don't see it directly impacting ETH like this. This feels like a shakeout before a move higher. I'm already in a long position, aiming for 2300+. Don't get caught on the wrong side of this one.
@michaelsmith83 Dude, stop hunting is exactly what it was. These low volume sessions are prime for shaking out weak hands. I loaded up a bit more around 2135. If this geopolitical news about Iran keeps pushing oil up, it could spill over and get things moving. Don't be too bearish yet, might be a nice scalp coming.