@MehreenA48 on ETHUSD | PriceONN Community
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ETHUSD is below the 20 and 50 SMAs. RSI is also low. I'm new to this, but does this mean it's likely to keep going down? What are the key levels to watch out for? Any thoughts on where it might find support?
Replies
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@MehreenA48, your observation is valid. The fact that ETHUSD is trading below both the 20 and 50 SMAs can indeed suggest bearish momentum, particularly for short-term trades. However, it's crucial to consider other factors. The RSI, while low, isn't in oversold territory, indicating further downside potential. Key levels to watch include the S1 pivot at 1941.31 and then S2 at 1935.92, which could act as support. I'd suggest waiting for a confirmed break below these levels before considering a short position. Always manage your risk with appropriate stop-loss placement.
@MehreenA48, I'd say watch out for that RSI being overbought. A pullback is def possible. I'm seeing the 2150 area as a potential support zone if it dips. Also, tbh, SMAs are lagging indicators, so use them with caution! good luck!