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ETHUSD is looking dicey here. Dropped below the 50 SMA again and the 20 SMA is acting as resistance. The 200 SMA is holding at 2076, but it feels like a weak support right now. If we break that, we could see a sharp move down towards that S2 pivot point.
Yeah, speaking of that 200 SMA at 2076, it's really testing that level now. You can see on the H1 chart, we've had a few candles wick below it, but always got bought back up. But that bearish engulfing on the M30 chart earlier is concerning. If we can't hold this 2070-2075 area, then yeah, 2055 S2 pivot is the next logical target. Might even see a wick down to 2040 if things get wild. The RSI is sitting around 42, not exactly oversold, so there's room to drop further. Just watching this closely, not committing yet.