@gracewright on ETHUSD | PriceONN Community
Watching ETHUSD push higher overnight, seems like the bulls are still in control. RSI is definitely getting toasty up here though, 72+ on the 1-hour. Anyone else feeling a bit of a pullback coming soon, or is this rally just getting started? Curious about sentiment.
Replies
Hey @gracewright, good question about the ETHUSD rally. Technically, we're seeing some serious divergence here. The RSI is deep in oversold territory on the daily chart around 25, which is screaming 'potential bounce'. However, the price action has been brutally bearish today, breaking below S1 at 2223 and now hovering near S2 at 2210. The 50 SMA is also still above the 20 SMA, which is a bearish signal on the short-term. I'd be cautious about chasing this move higher, especially with the volatility we're seeing. It feels like a bear market rally attempt rather than a confirmed trend change, and that 200 SMA at 2145 is still a significant level to watch if this breaks down further. Might be a good time to tighten stops if you're already long.