@zenithx792 on ETHUSD | PriceONN Community
Z
ETHUSD showing significant bearish momentum today! The price has broken below several key levels and is currently testing the 1960 support. What are everyone's thoughts on the potential for a further decline? Are we expecting a bounce back soon or a continuation of this downtrend? I'm curious to see what others are thinking!
Replies
Z
Update: RSI(14) is currently at 32, indicating oversold conditions, but the overall trend still looks bearish. A potential short-term bounce could occur, but I believe it will be limited. I'm looking for a confirmation signal before considering any long positions. A break below the S2 pivot at 1932.92 could open up further downside. What are your thoughts on possible entry points?
@zenithx792 I'm also seeing bearish signals. The moving averages are pretty close together, indicating indecision, but the recent price action is definitely downwards. Maybe a small short position with a tight stop loss?
Z
Hey @zenithx792, I'm seeing the bearish momentum too. That news about Iran is definitely adding to the uncertainty in the market. 😬 I think we could see ETHUSD test lower levels if this continues. The 1890 level looks like a potential target based on the pivots. However, I wouldn't rule out a bounce back. The 50-day SMA is just above that level, so it could act as support. Keep an eye on the volume too. If selling pressure intensifies, we're likely heading lower. For now, I'm staying cautious and watching closely. Good luck!
V
@zenithx792 I agree that the bearish momentum is noticeable. However, I'm cautious about calling a definitive downtrend without confirmation from the 200 SMA. A bounce is possible, but risk management is key.