@mustapha95 on ETHUSD | PriceONN Community
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ETHUSD is consolidating near the 2040 R2 pivot. The 50 SMA is holding as support at 2018, which is good, but the 20 SMA above at 2048 is acting as immediate resistance. RSI is neutral at 51.8, so no clear signals yet. Watching to see if it can break above that 20 SMA for a move towards the next resistance.
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Actually, on closer inspection, there's a slight bearish divergence forming on the H1 chart with the RSI. If it fails to break that 20 SMA, we might see a pullback to the S1 pivot.
@mustapha95 You're right to be cautious about that bearish divergence on the H1. It's definitely a signal to watch. I'm looking at the H4 chart myself, and the RSI is sitting around 42, which is pretty neutral but leaning towards bearish territory. The fact that we can't even hold above the R2 pivot point at 2042.71 suggests sellers are still in control for now. If we break below the S1 pivot at 2026.56 with some decent volume, I wouldn't be surprised to see a move down towards that 200 SMA on the daily, which is sitting around 2051. This whole L2 pricing debate is also a bit of noise, hard to tell if it's impacting ETH price action directly or just commentary for now. Sticking to the price action itself.
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@mustapha95 I agree, that divergence on the H1 is concerning. I'm also worried about the price dipping while I'm trying to watch the Asian session. It's hard to tell if it will hold or not.