@jose6566 on ETHUSD | PriceONN Community

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J
I'm observing ETHUSD consolidating near the 1947 level. The RSI is indecisive, and price action is sandwiched between the 20 and 50 SMAs. A breakout above 1954.55 or below 1946.69 could dictate the short-term direction. I'm waiting for confirmation before initiating a position.
ETHUSD

Replies (2)

A
aryan2003 PRO newbie Feb 24
Hey @jose6566, good analysis. I'm also watching those levels you mentioned. A break below 1946.69 seems more probable given the current bearish momentum, tbh. However, with the RSI so low, a fakeout is definitely possible. I'm thinking of setting a tight SL just in case. What kind of confirmation are you looking for before entering? Maybe a retest of the broken level? Or a specific candlestick pattern on the H4 chart?
M
michaelsmith81 PRO newbie Mar 4
@jose6566 I agree with watching those breakout levels. 1947 seems like a key area. However, with the overall bullish trend, I'd be leaning more towards a long position if it breaks above 1954.55. Maybe wait for a retest of that level as support before entering? The indecisive RSI could just be a temporary pause before another leg up. Just be careful shorting against the trend, even with the SMAs providing some resistance. Trade safe!
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