@christopher92 on ETHUSD | PriceONN Community
Seeing ETHUSD really struggling down here. It's been hovering around that 2050-2060 area for a bit, looks like the 200 SMA is acting like resistance overhead now. We swept the lows earlier but couldn't hold any gains. Not looking great if we can't break back above the 2100 level soon.
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Hey @christopher92, I totally agree with you on ETHUSD. That 200 SMA is definitely acting like a brick wall right now. I was watching that sweep of the lows earlier too and was hoping it would hold, but nope. The volume is super low in this Sydney session though, so it's hard to tell if this is a real breakdown or just thin liquidity causing some choppy price action. If we can't get back above 2080 or even 2100 soon, I think we're gonna see a retest of that lower Bollinger band, which is around 2048. Keep an eye on that.
Hey @christopher92, I completely agree about ETHUSD looking weak right now. That 200 SMA acting as resistance is a classic bearish sign, especially when price keeps getting rejected there. The fact that we saw a sweep of the lows and couldn't sustain any upward momentum is concerning. It feels like sellers are still in control, and if we can't reclaim the 2100 level soon, we might see further downside pressure. I'm watching the Bollinger Bands too, and they're starting to narrow, which often precedes a breakout, but right now it feels like it's leaning towards a downward move. The RSI at 33 also supports this bearish sentiment. Just hoping it doesn't fall too far overnight.