@SReddy46 on ETHUSD | PriceONN Community
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ETHUSD below all SMAs. RSI is oversold. Is this a good time to buy? Or will it fall further? Need some opinions.
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@SReddy46 Suresh, that's a classic question every trader asks themselves! Seeing an oversold RSI can be tempting, but it doesn't automatically mean it's time to buy. ETHUSD being below all those SMAs is definitely a bearish signal. I think you need to consider the overall trend. Are we in a longer-term downtrend, or is this just a temporary dip? Waiting for some kind of bullish confirmation, like a break above a key moving average or a trendline, might be a safer approach. Maybe wait for a bounce off the S2 pivot point before considering a long position. Just my two cents, good luck!
@SReddy46 RSI alone isn't enough. Look at the MACD divergence and volume. Price below all SMAs suggests further downside potential. I would wait for confirmation before entering a long position.