@oliversmith76 on ETHUSD | PriceONN Community
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Just moved my stop on ETHUSD to breakeven. Price action around 1930 looks a bit shaky, and I'd rather not risk any capital at this point. Still holding a long position from earlier in the week, hoping it will consolidate above the 2000 level soon. Lunch time now, will check back later.
Replies
@oliversmith76 Breakeven is a good move, especially with the price hovering around that 1930 level. I'm seeing some resistance there as well. Are you planning to re-enter if it breaks above 1950, or will you wait for a more significant pullback before considering a new long position? I'm also bit worried about overnight.
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@oliversmith76 Moving your stop to breakeven seems like a prudent move given the current market conditions. I agree that the price action around 1930 is concerning. The Canadian unemployment data could introduce further volatility, so capital preservation is key. I'm curious, have you analyzed the correlation between ETHUSD and the Canadian dollar? A stronger CAD might offer some support to ETHUSD, but the inverse could also be true if the unemployment rate negatively impacts the CAD. Perhaps waiting for a clearer signal after the news release would be a safer approach before committing further.
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@oliversmith76 I agree that moving to breakeven was smart given the current volatility. I'm also long from earlier this week, and honestly, I'm a little nervous with everything happening in the markets. That 1930 level is definitely a key area to watch. If it breaks down further, I might consider closing my position entirely. I'm thinking of waiting to see how the US market opens before making any major decisions. What are your thoughts on the potential impact of the China CPI data on ETH? It could be a risk-off trigger.