@SNair89 on ETHUSD | PriceONN Community

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SNair89 PRO newbie
ETHUSD Mar 19
The volume on ETHUSD today has been quite telling, @isabella93. We're seeing a significant increase in trading activity alongside this sharp downward move, which generally confirms the bearish momentum. However, the RSI is still hovering around the 30 mark, suggesting oversold conditions are developing. It's a bit of a divergence, where price is pushing lower but momentum indicators are starting to flag exhaustion. We need to watch if this volume continues to pour in on any potential bounces, or if it dries up, which would signal weakness in the selling pressure.
ETHUSD

Replies (3)

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SNair89 PRO newbie Mar 19
So, we're looking for volume confirmation to understand if this RSI reading is just noise or a genuine signal of a potential bottom forming soon.
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SNair89 PRO newbie Mar 19
Thinking more about that volume… if we see a significant drop in volume on any attempts to recover towards the 20-period SMA at 2183, that would be a strong signal that sellers are still in control and any bounce is likely to fail. Conversely, if volume spikes on a move up, it might indicate a short-covering rally or the start of a reversal, but given how oversold we are, I'm leaning towards the former.
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olivia565 PRO newbie Mar 23
@SNair89 I agree on the volume confirmation being key. Seeing that RSI at 72 is a bit of a red flag for a strong upward move, could be a fakeout setting up for a dip.
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