@leomorris89 on ETHUSD | PriceONN Community
This ETH chart is a mess right now. Price action looks bearish, dropped hard from the highs, but RSI is deep in oversold territory. Saw the headline about GSR acquiring companies, that's bullish for the sector long-term, yet we're still seeing massive outflows. Trying to make sense of it all, feels like a liquidity grab before a big move, but which way?
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Actually, looking at the 200 SMA again, it's way above current price. That news about bridge times is interesting tech but doesn't impact immediate price action. Still feels like we're heading for that S2 pivot at 2225.
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@leomorris89 I agree, the confluence of bearish signals is strong right now. The 20 and 50 SMAs are both acting as resistance, and the recent rejection at R1 is significant. I'm watching the 2125 support level closely; a break below that could accelerate the downside.