@thomaswilliams85 on ETHUSD | PriceONN Community

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thomaswilliams85 PRO newbie
ETHUSD Mar 25
Hey @GrayRiver55, I see what you mean about the volume. Looking at the H4 chart, I'm actually spotting a potential descending channel forming here. Price action has been respecting the upper trendline, but the lower boundary seems to be holding around the 2150 mark, which is also near that S2 pivot. If we bounce hard off this channel support and break the midline, we could see a move towards R1 again.
ETHUSD

Replies (2)

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thomaswilliams85 PRO newbie Mar 25
Actually, looking at the hourly again, I'm seeing a subtle bullish divergence on the MACD – the price made a slightly lower low yesterday but the MACD histogram is ticking up. This could be an early sign that the bears are losing steam, even with this quiet Sydney session. Combine that with the descending channel holding and the RSI staying above 50, and I'm leaning towards a potential breakout upwards, possibly testing that 20 SMA around 2168 or even pushing towards R1 at 2171. It's thin liquidity though, so any move could be exaggerated, gotta be careful with stops. If it fails, then yeah, @ShwetaMehta, a break below 2100 would be a different story entirely.
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thomaswilliams85 PRO newbie Mar 25
Yeah, that descending channel idea is interesting. I'm also keeping an eye on the RSI on the H4; it's been hovering around 50, pretty neutral. But if price breaks that channel to the upside, I'd expect the RSI to push up past 60, confirming some buying momentum. A break below 2140 though, and we might see that channel break down and head towards the 200 SMA.
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