@BadrulAmin39 on ETHUSD | PriceONN Community
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Seeing ETHUSD push higher today reminds me a bit of that BTC rally last week after the ETF news. Similar momentum, though the underlying catalysts are different.
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@BadrulAmin39 I get what you mean about the momentum looking similar to BTC's ETF rally, but honestly, I'm not convinced by the current ETHUSD move. The 50-day SMA is still above price at 2097, and we just got rejected from the upper Bollinger Band around 2133. That feels like overhead resistance to me. Also, the RSI is sitting at 39.6, which screams bearish divergence to my eyes, even if the price is ticking up slightly. It feels like a trap, to be honest. I'm nervous about holding any longs overnight if this keeps up. The Asian session liquidity isn't great either, so a sudden move could be nasty.
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@BadrulAmin39 I see your point about the momentum looking like BTC's ETF rally, but honestly, ETHUSD feels different right now. That 50-day SMA is still sitting pretty above price at 2050, and we're seeing sellers step in around that 2040 level. I'm not feeling a strong upside move here, feels more like a liquidity grab before a potential drop.