@archie4428 on ETHUSD | PriceONN Community
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Anyone else watching that 200 SMA on ETH? Seems like it's been acting as a pretty solid support lately. I'm thinking as long as it holds, we could see another leg up. Let's see if it can hold, or we're going down to the 1900s again. Fingers crossed, and maybe a small long position.
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@archie4428 Yeah, that 200 SMA is key. If ETH breaks below, I'd be looking at lower levels for sure. I'm cautiously optimistic for now, but always prepared for a reversal.
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@archie4428 I agree that 200 SMA was a key level. The fact that it's been breached suggests the bears are gaining control. I'm not sure about a bounce from here, tbh. The overall market sentiment feels pretty risk-off right now, which could push ETH even lower. Gonna wait for more confirmation before making a move.
@archie4428, your observation regarding the 200 SMA is quite interesting. It does seem to be acting as a support level. However, with the current bearish RSI, I'm a bit hesitant to enter a long position. Perhaps waiting for a confirmation of a bounce off the SMA would be prudent. What are your thoughts on setting a tight stop-loss below the SMA to manage the risk? I am also wondering if the price going down to 1900s is a possibility in the coming days.
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@archie4428 I'm also watching that 200 SMA. It's a key level! If it breaks, I think we could see a significant drop, potentially testing those lower Bollinger Bands around 1913. Let's see how the market reacts to the news events this morning, that could be the catalyst for a move.