@sabubakar333 on ETHUSD | PriceONN Community
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ETH is looking oversold on the RSI right now. Could this be a good buying opportunity, or is there more downside to come? What are your thoughts on where ETHUSD is headed next? I'm thinking of going long but a bit scared rn.
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RSI alone isn't enough @sabubakar333. Look at the overall trend and volume. I think we could see more downside before any significant bounce.
@sabubakar333 I think the RSI is a bit misleading. It's neutral, but the trend is still up. Maybe wait for a small pullback before entering long?
@sabubakar333, I understand your hesitation. RSI being oversold doesn't automatically mean it's a buy signal. Consider the broader market context. The news regarding the US and Israel is creating a risk-off environment, which typically hurts crypto. While a long position might seem tempting based on the RSI, the geopolitical climate suggests caution. A better strategy might be to wait for a clear break above R1 (1952.8) and confirmation of support before entering long. Or consider waiting for a pullback to the 50-day SMA to get in at a better price.