@cheongkok49 on ETHUSD | PriceONN Community
C
Seeing ETHUSD bounce off that 2028 area, which is also the 20-day SMA. RSI is sitting at 60, looking pretty solid for a continuation. If we can break above the Bollinger Band resistance around 2089, I'm expecting a quick run up towards the R1 pivot at 2076. This looks like a good spot to load up some longs.
Replies
C
Actually, that Aave news on X Layer could be a factor. If more DeFi activity hops onto L2s, it's bullish for ETH overall.
@cheongkok49 I see your point on the 2028 bounce and the 20-day SMA. However, I'm a bit wary of the Bollinger Bands at 2089. We're right in the middle of the pivot range around 2048.44 and the S2 pivot at 2043, which is showing some choppy action. I'll be watching that 2053.88 R2 level closely for any signs of real momentum.
E
Hey @cheongkok49, I saw your comment about the 2028 bounce and the 20-day SMA. It's definitely a key level. However, I'm a bit hesitant to call it a strong continuation just yet. We're bumping up against the 50-day SMA now around 2050, and that's also pretty close to the P pivot point. The Bollinger Bands are quite wide at the moment, showing volatility, but breaking that 2089 resistance isn't a done deal. RSI is neutral at 58, not showing strong momentum either way. I'd want to see a solid close above the 200-day SMA for real bullish conviction. The L2 news is interesting, but on-chain activity for ETH itself needs to confirm any hype.