@gauravshah96 on ETHUSD | PriceONN Community
I'm seeing what looks like a descending triangle forming on the ETHUSD 1H chart. Price action is getting tighter, and volume seems to be decreasing on the bounces. Usually, this pattern signals a continuation of the downtrend, especially if we break below that horizontal support line around 1980.
Replies
Hey @gauravshah96, I see where you're coming from with the descending triangle on the 1H chart for ETHUSD. It's definitely a pattern to watch. However, from my perspective on the H4 and even D1, the overall trend still feels more bullish. The 50 SMA is above the 200 SMA, and we just saw a nice bounce off the 20 SMA around 2045. I'd be more inclined to look for long opportunities if price can hold above the 2030 support level. If we do break that horizontal line you mentioned around 1980, then yes, a steeper drop is likely, but I'm not seeing the conviction for that yet. The RSI is sitting neutral at 55, which doesn't scream strong downtrend continuation. Keep an eye on that 2050-2060 area too, it's acting as a bit of a pivot right now.