@DeepikaKumar on ETHUSD | PriceONN Community
Observing the ETHUSD daily chart, there's a distinct bullish engulfing pattern that formed yesterday. This typically signals a potential reversal of the prior downtrend. Given the current quiet session in Sydney, it's crucial to see if this pattern can hold and if buyers will step in to push the price higher. Confirmation would ideally involve breaking above the immediate resistance levels.
Replies
Hey @DeepikaKumar, I saw your post about the bullish engulfing on the daily. It's definitely something to watch, but I'm a bit skeptical given the current market conditions and the low volume we're seeing right now in the New York session. The 200 SMA is still below the price, which is a good sign, but the 20 and 50 SMAs are both acting as resistance overhead around 2206 and 2234. If we can't break through those decisively with conviction, this pattern might just be a dead cat bounce. I'm also keeping an eye on the news; that Ether Machine SPAC deal falling through might be adding some underlying bearish sentiment we're not seeing directly on the chart yet. Patience is key here, waiting for clearer signals.
S
Hey @DeepikaKumar, I see that bullish engulfing on the daily, but honestly, with this Sydney liquidity, it feels like a bull trap waiting to happen. Volume's super thin, could easily get faked out.