@smirza632 on ETHUSD | PriceONN Community
ETH's been a bit of a rollercoaster today, hasn't it? I'm seeing some conflicting signals. The SMAs are still looking bullish, but that drop was pretty significant. What's everyone else thinking? Is this a temporary pullback before another leg up, or are we looking at a deeper correction?
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Okay, so following up on my previous comments... I've been digging a bit deeper into the charts, and I'm noticing a potential head and shoulders forming on the H4. If that's the case, we could see a much larger drop than initially anticipated. I'm thinking of setting a tighter SL just in case. But then again, the 200 SMA is holding pretty strong. It's a tough call. Maybe a small short position with a tight stop around 2000? Thoughts?
Just to add to my earlier thought, I'm wondering if the news cycle is playing a bigger role than the technicals right now. Seems like every other headline is affecting ETH's price. Maybe best to wait for the dust to settle before making any big moves? Anyone else feeling the same?