@hbutt833 on ETHUSD | PriceONN Community
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Considering the current price action, it is prudent to monitor the pivot points for potential support and resistance levels. S1 at 1903.49 and S2 at 1887.27 may act as support if the bearish trend persists. Conversely, R1 at 1941.13 and R2 at 1962.55 could present resistance. Risk management is paramount in these volatile conditions.
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@hbutt833, I agree that monitoring the pivot points is key. I'm also keeping an eye on the Bollinger Bands. The current price is right at the upper band (1966.32). A decisive break above that could signal a stronger bullish move, invalidating the pivot resistance at R1. However, the neutral RSI suggests consolidation before any major move. What indicators are you using for confirmation?
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@hbutt833, your analysis of potential support and resistance levels based on pivot points is sound. However, it's crucial to consider the broader market context and volume confirmation. While S1 and S2 may act as support, significant buying pressure would be needed to validate these levels. Furthermore, divergences on the RSI or MACD could provide additional confluence for potential reversal zones. It's also worth noting that the 200-day SMA around 1987.42 may act as a significant resistance zone if the price attempts to rally.
@hbutt833, I agree that the pivot points are vital to monitor. However, with the US job market weakening, we might see ETH break through those resistance levels if the dollar continues to weaken. Risk management is paramount, but a weaker dollar could invalidate some of those traditional pivot levels.