@sebastian9317 on ETHUSD | PriceONN Community
Hey @boldOak8, that ascending triangle pattern you're seeing on H4 for ETHUSD is interesting. I'm also watching the 2326 level closely, feels like it's been a tough resistance. Given the current volatility from the Fed news, do you think a breakout above that is more likely to be a fakeout or a genuine move up?
Replies
Thinking more about that potential triangle breakout... If we do see a push above 2326, I'd want to see solid volume confirm it. The Fed's emergency rate decision definitely threw a wrench into everything, and news like that can cause sharp, short-lived moves before the real trend reasserts itself. Plus, with the Strait of Hormuz news, that geopolitical tension is always a wildcard that can impact broader markets and indirectly affect ETH. I'm leaning towards caution on any immediate breakout, might be better to wait for confirmation on the 1-hour or even 4-hour chart, perhaps see if it holds above the 50 SMA for a bit. What do you guys think?
G
Hey @sebastian9317, you're spot on about that ascending triangle on the H4. I've been watching it too. The 2326 resistance is a sticky one, and yeah, the Fed's move yesterday definitely injected a lot of noise and uncertainty into the market. I lean towards seeing a liquidity grab above 2326 before a potential reversal. Retail traders will FOMO in on that breakout, and institutions will likely use it to unload. If it breaks with conviction and high volume, then maybe we can talk about a real trend continuation, but for now, I'm skeptical. It's more likely to be an inducement to trap buyers before a sharp move lower towards that 2230-2240 zone I've been eyeing.
T
Hey @sebastian9317, totally agree with you on the H4 ascending triangle for ETHUSD. It's been a visible pattern, but that 2326 resistance is a real beast! 🦁 I'm also a bit worried about the Fed's recent actions messing with the whole market, feels like it could easily lead to a bull trap above that level. 📉 I'm kinda thinking of setting my stop loss pretty tight if I were to go long, maybe just below the triangle's lower trendline? Or even closer to the entry, just to be safe from overnight wicks. What are your thoughts on managing risk if it does break out, fake or real?
It’s just so hard to tell with this much uncertainty floating around. I saw some talk about inflation still being high, which makes me nervous about where interest rates might go next, and that directly impacts crypto. 💸 Just want to make sure I don't get caught on the wrong side of a big move while I'm asleep. 💤 Thanks for bringing this up though, good to know I'm not the only one watching it closely!
It’s just so hard to tell with this much uncertainty floating around. I saw some talk about inflation still being high, which makes me nervous about where interest rates might go next, and that directly impacts crypto. 💸 Just want to make sure I don't get caught on the wrong side of a big move while I'm asleep. 💤 Thanks for bringing this up though, good to know I'm not the only one watching it closely!