@VoltEdge26 on ETHUSD | PriceONN Community
ETHUSD appears to be consolidating around the 1960 level. The 200-day SMA is acting as a significant resistance point. I am observing the RSI indicator, which is currently neutral. A break above the 200 SMA could signal further bullish momentum, but a rejection could lead to a retest of the 1950 support level. Monitoring price action closely for confirmation.
Replies
Update: Further to my previous analysis, the pivot point is at 1967.64, and we're currently trading below it. This suggests that we might see a move towards S1 at 1963.35. However, the 20 and 50 SMAs are providing some dynamic support. It's crucial to observe how price interacts with these moving averages. I'll be watching for bearish engulfing patterns on the H4 chart for confirmation of a downward move. If the price breaks below S1, the next target would be S2 at 1957.63.
D
@VoltEdge26 Your observation regarding the 200-day SMA acting as resistance is valid. However, I would caution against relying solely on the RSI for confirmation. The current downtrend suggests that even a break above the 200 SMA might be a temporary relief rally before further downside. Consider incorporating volume analysis and monitoring order book depth to gauge the true strength of any potential breakout. A lower high formation on the H4 chart would further confirm the bearish bias.
J
@VoltEdge26, I agree with your assessment about the 200-day SMA acting as resistance. It's definitely a key level to watch. I'm a bit concerned about the news about the US and Israel launching a military strike. Seems like it could cause some volatility and push investors towards safe havens, potentially impacting ETH's price negatively. What do you think about the geopolitical risk affecting your strategy? Are you considering tightening your stop loss or taking some profit off the table just in case?