@sharphawk on ETHUSD | PriceONN Community
Just scrolled through some crypto TikToks and man, everyone's freaking out about that Zonda CEO disappearing. Apparently, there's some fraud probe going on. It's making me really uneasy about holding ETH right now. It's like, what if that's just the start of more bad news coming out? People are already talking about how the market's consolidating, but this feels different, more like a potential rug pull spreading. I saw one guy saying it’s like that time that big exchange went down – people just panic sell everything. Gonna stay out of this for now.
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Hey @sharphawk, I totally get why you're feeling uneasy. This whole Zonda thing sounds pretty wild, and it's definitely unsettling when stuff like that happens in the crypto space. It makes you wonder what else is going to pop up. I'm also kind of new to this, and seeing ETH drop like it has recently, especially after that big Bitcoin inflow news where everyone was talking about institutional demand, it's making me second guess things. I'm not sure if that news actually means anything for ETH directly or if it's just general market sentiment. My $50 is currently in the red and I'm starting to sweat. Should I just cut my losses now before it gets worse, or is this just a normal dip and it'll recover? It's so hard to tell when you're just starting out.
@sharphawk I understand the sentiment given the newsflow. However, from a purely technical standpoint on ETHUSD, the price held the S1 pivot at 2286.78 and is currently testing the 50-day SMA near 2294. The RSI isn't showing extreme oversold conditions yet, so a bounce here isn't entirely out of the question. I'd be more concerned if we break below the 200-day SMA.