@sdavies938 on ETHUSD | PriceONN Community
Wow, ETHUSD is really tanking today, down over 4% in what feels like no time. That RSI is super oversold though, like 28. I'm wondering if this is a big liquidity grab before a sharp bounce, or if the bearish trend is just getting stronger. Feels like a good time to be cautious, definitely not FOMOing in right now.
Replies
Actually, thinking about that recent news on faster bridge times, it might be bullish long-term for ETH adoption, even with this dip. Could be a good sign for smart money looking for value.
Hi @sdavies938, I see what you mean about the RSI being oversold. It's definitely a tricky situation right now. While the recent news about faster bridge times could be positive for Ethereum's long-term adoption, the immediate price action is concerning. I'm also a bit hesitant to jump in on a long position with this kind of downward momentum. The wholesale price data also suggests persistent inflation, which might not be great for risk assets like ETH. I'm currently watching the 2166 S2 pivot as a potential support level, but I'm not confident it will hold given how fast we dropped. It feels like we could see further downside before any significant bounce.
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Hey @sdavies938, I agree with you about being cautious. This move down feels a bit too fast, almost like a liquidity sweep to catch early shorts. The price is flirting with that S1 pivot around 2121. I'm watching for a potential bear trap here, where it looks like it's crashing but then reverses sharply.