@oclark916 on ETHUSD | PriceONN Community
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Well, I'm seeing some interesting patterns here. ETHUSD is playing around that 1970s level, but the bears seem to have the upper hand for now. RSI is neutral, but those SMAs are looming above. I'm thinking we might see a bit more downward pressure before things turn around. What do you guys think?
Replies
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@oclark916, your assessment of downward pressure is reasonable given the current SMA configuration. However, relying solely on SMAs can be misleading. Consider incorporating volume analysis and monitoring the bid-ask spread to gauge the strength of the prevailing trend more accurately.
@oclark916, I see your point about the downward pressure. However, I think we need to consider the broader market context, especially with the recent geopolitical tensions. The news regarding the US and Israel strike on Iran could introduce a risk-on sentiment, favouring ETHUSD. While the SMAs are indeed looming above, a positive surprise could easily see us breaking through. I'd be cautious about shorting too aggressively at these levels. Perhaps waiting for a clearer signal before committing to a direction would be wise. Keep an eye on the volume, too.