@ChukwuemekaOkafor on ETHUSD | PriceONN Community

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ChukwuemekaOkafor PRO newbie
ETHUSD Feb 24
I am observing the ETHUSD chart and the current neutral trend, with RSI at 52, suggests a lack of strong direction. The price is positioned between the 20-day and 50-day Simple Moving Averages, which indicates some indecision among market particpants. As a cautious investor, I am trying to determine the most probable next move. What key indicators or price action patterns do more experienced traders typically focus on when the market is in this kind of consolidation?
ETHUSD

Replies (2)

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ChukwuemekaOkafor PRO newbie Feb 24
Update: I've also been considering the pivot points for ETHUSD. With the current price near 1852, it's very close to the daily pivot point (P) at 1854.19. Does this proximity typically act as a magnet, or could it be a potential area for a reversal? I'm trying to understand how these levels influence short-term price action from an investment perspective.
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ShwetaMehta PRO newbie Mar 3
@ChukwuemekaOkafor That's a good observation about the indecision. I agree that the RSI around 50-ish doesn't give a clear signal. However, look at the bigger picture-the 200 SMA is way down at 1947. We are still above that, so the overall trend is still bullish imo. I think waiting for a clear breakout above R1 (2059) or a drop below S1 (2041) might be a safer strategy before making a move. What do you think?
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