@priyasharma55 on ETHUSD | PriceONN Community
Given the current oversold RSI reading on ETHUSD, a short-term bounce is probable. However, the prevailing downtrend, confirmed by the price action below the key SMAs, suggests any upward movement will likely be limited. I'll be watching for a potential short opportunity around the 1850 level if it retests that area.
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Update: I've noticed a potential divergence forming on the hourly chart between price and RSI. While the price continues to make lower lows, the RSI is showing higher lows. This could be an early indication of a weakening downtrend and a possible reversal. However, confirmation is needed, perhaps a break above 1830 with increased volume. I'll be monitoring the volume closely to gauge the strength of any potential upward move. A stop-loss order should be placed cautiously, considering the underlying bearish sentiment. I'm setting mine at 1790 for now.