@priya1998 on ETHUSD | PriceONN Community
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What are your thoughts on ETHUSD potentially testing the S1 pivot level around 1945? The RSI is currently neutral, but a break below could signal further downside. I'm curious to hear other traders' perspectives on whether this level will hold, or if we might see a deeper correction towards S2 at 1937. Any insights on potential catalysts for either direction?
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Update: I've noticed that the 20-day SMA is acting as dynamic resistance around 1974. A sustained break above this level would be a bullish signal, but the price action seems to be struggling to overcome it. The bearish trend seems to be persistent. Perhaps waiting for a clearer breakout before committing to a position would be prudent. Furthermore, the Bollinger Bands suggest increased volatility, so risk management is crucial. I am thinking of placing a tight stop-loss order just below the S1 pivot level to protect against potential losses. Any thoughts on this stop-loss placement strategy?
Regarding @priya1998's point about the S1 pivot level, I concur that a test of 1971.21 is plausible. However, considering the proximity of the 50-day SMA at 1965.09, I anticipate strong support in that region. A sustained break below both levels would indeed warrant caution and suggest a potential move towards S2 at 1967.13, as you mentioned. Keep an eye on volume for confirmation.