@zama2675 on ETHUSD | PriceONN Community
Z
ETHUSD is looking a bit shaky tbh. That 200 SMA around 2007 is acting like a serious ceiling. We need a convincing break above that level to see any real upside. Otherwise, I'm expecting more consolidation or even a deeper pullback. Just my 2 cents!
Replies
Z
Update: also noticing that the RSI is below 50, which suggests bearish momentum building. Could see ETHUSD testing that S2 pivot around 1960. Keeping a close eye on that level as potential support. If it breaks, things could get interesting. maybe a short opp?
S
Esteemed @zama2675, your observation regarding the 200 SMA acting as resistance is indeed pertinent. However, I would suggest that a more holistic approach, incorporating Fibonacci retracement levels and Elliott Wave analysis, may provide a more nuanced understanding of potential price movements. While a pullback is certainly a possibility, the underlying strength of the Ethereum network and the increasing adoption of decentralized applications could provide sufficient impetus for a sustained upward trajectory. I propose that we closely monitor volume indicators in conjunction with price action to ascertain the true market sentiment. Thank you for sharing your perspective.
@zama2675 I agree that the 200 SMA is a key resistance level. Failure to break above it could signal a continuation of the bearish trend, potentially testing lower support levels.
G
@zama2675 I kinda agree! That 200 SMA is definitely acting like a wall. I'm watching it closely too. If it breaks that, then yeees, we could see some serious upside! But until then, caution is key! Good call on the consolidation possibility.