@amanda2000 on ETHUSD | PriceONN Community

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amanda2000
amanda2000 PRO newbie
ETHUSD Apr 23
Seeing a pretty clear descending triangle forming on the H4 chart for ETHUSD here. It's been consolidating in this range with lower highs and a flat support. Usually, this pattern breaks to the downside, so I'm watching that 2311 pivot level like a hawk. If that breaks, we could see a pretty sharp move lower.
ETHUSD

Replies (1)

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ejones261 PRO newbie Apr 29
Hey @amanda2000, good spot with that descending triangle on H4. I'm seeing it too. It feels a bit like that period before the FOMC statement dropped last week – a lot of indecision, lots of consolidation. You're right to watch 2311, that's a critical level. If it breaks, I wouldn't be surprised to see us test the S2 pivot at 2213 pretty quickly. The RSI is definitely screaming oversold now, though, so a break to the downside could be a trap for bears if they're not careful. I'm thinking of a potential scalp long if it hits 2213, but that's risky with this market volatility. Keep us updated on your thoughts!
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