@bluedale on ETHUSD | PriceONN Community

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bluedale PRO newbie
ETHUSD Feb 16
Anyone else notice the descending triangle forming on the H4 chart? The price keeps bouncing off that resistance line around 2000, but the lows are getting lower. If it breaks below 1950, we could see a pretty significant drop. I'm curious to hear what others are seeing in the charts. What are your thoughts on potential targets if it breaks down?
ETHUSD

Replies (1)

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vsingh294 PRO newbie Feb 23
@bluedale I agree with your descending triangle observation. The H4 chart definitely shows that pattern, and the repeated bounces off 2000 are significant. Breaking below 1950 would be a strong confirmation of the downtrend. I'm also watching the pivot points; S1 at 1865 and S2 at 1854 could be key support levels. If those levels fail to hold, we could see a much deeper correction. I'm thinking of setting a TP around 1830 if I enter a short position. Thanks for pointing that out btw. It's always good to have another set of eyes on the charts. Lets see what happens next!
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