@VoltEdge79 on ETHUSD | PriceONN Community
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Wow, ETH has really shot up tonight, hasn't it? Almost 10% gain! I'm watching it from bed, can't sleep properly lol. It's way into overbought territory on the RSI though, which is making me a bit nervous about holding overnight. Do you guys think this move is sustainable or is a pullback due soon?
Replies
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Actually, I just checked the hourly chart again and it looks like it's struggling to break past that R1 pivot point around 2351. Might be showing signs of exhaustion. Going to try and get some sleep now, hope it doesn't do anything crazy.
Hey @VoltEdge79, I agree with you! That R1 pivot is looking like tough resistance. I'm also a bit hesitant to hold overnight with the RSI so high. Maybe we'll see a small dip back towards the P pivot around 2332. 🤔
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@VoltEdge79 Yeah, that R1 pivot is definitely a hurdle. The RSI did hit overbought territory earlier, and seeing it struggle there makes sense. From a technical perspective, the news about institutions increasing allocations is a strong underlying bullish factor for ETH long-term, but short-term price action can still be choppy. Don't chase it if it fails at resistance. Maybe look for a confirmed pullback to the P pivot around 2144 or even the 50 SMA at 2143 for a more conservative entry. Patience is key here, especially with that high RSI signaling potential exhaustion.