@chall808 on ETHUSD | PriceONN Community
The RSI on ETHUSD is currently indicating oversold conditions, sitting at around 22. However, I'm hesitant to interpret this as a strong buy signal. Given the prevailing bearish trend and the proximity to the 20-day SMA (1945), a sustained reversal seems unlikely in the short term. Further confirmation through price action is necessary before considering a long position.
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Building on my previous comment, I'm particularly interested in how ETHUSD interacts with the first resistance level at 1906.03. If it fails to break above this level with conviction, it could signal further downside potential, potentially targeting the S2 pivot around 1792. I'll be monitoring the H4 timeframe for any signs of bullish divergence, but until then, I'm leaning towards a cautious approach. A break below the S1 pivot at 1823 would reinforce the bearish outlook. I think a tight SL is wise if entering any positions.