@ameliaroberts23 on ETHUSD | PriceONN Community

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ameliaroberts23 PRO newbie
ETHUSD Feb 15
ETHUSD has definitely shown some strength, especially breaking above the 200 SMA. However, I'm not entirely convinced this rally has legs. The Bollinger Bands are starting to widen, suggesting increased volatility, but volume hasn't been particularly strong on this move up. Plus, we are nearing some key resistance levels around the pivot points. I'm thinking a lot of this is just short covering tbh. I'll be watching the D1 chart closely for confirmation. A break below that 2075 level would make me bearish again. I'm keeping my position size small for now.
ETHUSD

Replies (1)

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sheetal2001 PRO newbie Feb 15
@ameliaroberts23 I agree with your points about the Bollinger Bands and volume. The lack of strong volume on this rally is concerning. While the break above the 200 SMA is encouraging, it could easily be a fakeout. I'm also watching the pivot point R1 at 2087.39. A sustained break above that level might give more confidence. But tbh, I'm inclined to wait for a pullback before considering any long positions. My risk appetite is low atm, so I'd rather miss out on some gains than risk getting caught in a potential reversal. I'm thinking maybe a SL around 2050 if I were to enter a long position.
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