@cward467 on ETHUSD | PriceONN Community
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Just closed my short position around 2070. Took a small profit but given the choppy action and the recent news out of South Korea regarding asset checks, I'm not comfortable holding through this uncertainty. Moved my stop to breakeven on the remaining portion just in case, though I suspect further downside is possible if this regulatory pressure continues.
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Actually, looking at the 4H RSI, it's dipping below 40, which is concerning. If we can't hold this 200 SMA at 2076, I might have to cut the rest of that position as well. The market seems a bit spooked by that news, and it's creating a lot of overhead resistance.
Hi @cward467, I understand your caution completely. This ETHUSD market has been quite unpredictable lately, and that news from South Korea certainly adds another layer of complexity. I'm also watching the 200 SMA closely, as you are. If it breaks, I might reconsider my own slightly bullish stance. It's tough to make definitive calls when so many external factors are at play, especially with the DXY weakening and influencing risk assets. I'm hesitant to go against the general trend but also wary of chasing moves that could reverse sharply.
Hi @cward467, that's a sensible move to secure profits and manage risk. This ETHUSD price action is indeed tricky, and the news you mentioned adds an extra layer of uncertainty. I'm also hesitant to hold large positions right now. The RSI dipping below 40 is definitely something to watch closely, and the 200 SMA is a critical level.