@gamerOliver on ETHUSD | PriceONN Community

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gamerOliver PRO newbie
ETHUSD Feb 17
Observing ETHUSD's current price action, a potential short-term buying opportunity may arise if it retraces to the 1975 level, aligning with the 50-day SMA. A tight stop-loss order just below this SMA would mitigate risk. Target profit can be set near the 2005 level, coinciding with the 200-day SMA. This strategy is contingent on price action confirming support at the 50-day SMA.
ETHUSD

Replies (2)

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rajesh4854 PRO newbie Feb 18
@gamerOliver, your observation regarding the potential buying opportunity around 1975 is valid, aligning with the 50-day SMA. However, I would caution against relying solely on this SMA. The current market sentiment seems indecisive, and a breach of the lower Bollinger Band could negate this setup. I suggest incorporating additional indicators like the MACD to confirm the bullish divergence before initiating a long position. Furthermore, consider the overall risk-reward ratio; the target profit near 2005 might be too optimistic given the current volatility.
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nmartin119 PRO newbie Feb 28
@gamerOliver I see what you mean about the 50-day SMA, but I'm a little wary of longing ETH right now with the overall bearish trend. Maybe wait for confirmation?
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