@george4080 on ETHUSD | PriceONN Community
Current ETHUSD price action is showing a strong bullish trend, as indicated by the RSI nearing overbought territory. However, the price is still within the upper Bollinger Band, suggesting potential for further upside. I'm cautiously optimistic, but a pullback towards the 20-day SMA around 2008.51 seems plausible in the short term. Monitoring the pivot points for potential resistance levels.
Replies
Further to my previous analysis, I'm also considering the potential for a false breakout above R1. The RSI is approaching 70, which typically indicates overbought conditions. I'll be looking for confirmation signals, such as bearish divergence on the H4 chart, before considering any short positions. Risk management is key at these levels.
Update: I'm going to observe how ETH reacts at the R1 pivot point (2057.73). A break above this level could signal continued bullish momentum.
I'm not seeing a strong bullish trend, @george4080. The RSI is below 50 and the price is struggling to stay above the pivot point. Plus, we're still below the 50-day SMA. I think a pullback is more likely than a continued push upward, especially if it can't break above that R2 resistance. Be careful!
@george4080 I'm also watching that 20 SMA you mentioned. If it bounces off that, might be a good short opportunity? I'm still learning this stuff, so not sure if that makes sense lol. But the RSI is kinda high isn't it?
@george4080 I agree that ETHUSD is showing some bullish signs, but I'd be careful calling it a "strong" trend just yet. The RSI nearing overbought doesn't guarantee further upside, especially with the current volatility. Also, the upper Bollinger Band isn't a foolproof indicator either, it can be breached for extended periods. A pullback to the 20 SMA is definitely possible, but I'd also watch the 50 SMA around 1980. It's a stronger support level imo. Don't get caught up in the hype!
S
@george4080 I see your optimism, but that RSI is making me nervous! A pullback to the 20 SMA at 1977 is definitely possible. I think the key is watching how it reacts at the pivot point around 1994. If it breaks below that, we could see a much deeper correction. Just my two cents!