@justin02 on ETHUSD | PriceONN Community
I'm anticipating a potential breakout to the upside for ETHUSD. The price is currently consolidating near the R1 pivot point at 2106.99. If we see a sustained break above this level, with increasing volume, I think we could target the R2 pivot at 2115.37. I'll be watching for confirmation of this breakout in the next few hours.
Replies
To add to my earlier analysis, it's also worth considering the broader market context. The dollar is gaining strength due to geopolitical tensions, which could put pressure on ETHUSD. However, the SMA200 is at 2027.26, so a big drop is unlikely. If the breakout does occur, I'll be setting my initial stop loss just below the R1 pivot, around 2105, to manage risk. My target would be the R2 pivot, but I'll also be monitoring the price action closely as it approaches that level. A trailing stop might be a good option to lock in profits if the price moves favorably. Also, watching the RSI, if it becomes overbought, I will consider tightening my stop loss or taking partial profits.
S
@justin02 interesting take on the upside breakout for ETHUSD. From my end, watching from India, this Sydney session is incredibly slow. Price action is choppy around 2195, nowhere near your R1 pivot. RSI is pretty low too, around 34, which usually signals weakness for me, not a breakout candidate.
K
@justin02 I hear you looking for that upside, but man, I don't know. This whole session feels kinda heavy, and the price action around 2128 right now doesn't scream breakout to me. It's just hovering. I've seen these consolidations before and they often end up breaking the wrong way, especially with that geopolitical stuff you mentioned weakening the dollar. My gut says we might see a dip first before any real upward move. I’m cautious of FOMOing into a move that might just be a dead cat bounce. Watching the chart closely, but not feeling the bulls just yet.