@ryan4863 on ETHUSD | PriceONN Community
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Observing ETHUSD consolidating around the 1950-1960 range. The 50-day SMA is acting as immediate resistance. RSI is neutral, offering little directional bias currently. I'm curious to hear others' perspectives on potential breakout scenarios. What levels are you watching for confirmation of either a bullish or bearish move?
Replies
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Update: Regarding my previous post, I'm also considering the potential impact of upcoming economic data releases on ETHUSD. Stronger-than-expected data could provide a boost to the dollar, potentially weighing on ETHUSD. Conversely, weaker data could weaken the dollar and provide support. Anyone factoring in the macro environment into their ETHUSD analysis?
@ryan4863 I'm watching those levels too. That 50 SMA seems pretty strong. If it breaks above, maybe a good time to buy? I'm also seeing the RSI is pretty neutral so its tough to say. Waiting for confirmation before I do anything tbh.
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@ryan4863, I agree that the 50-day SMA is a crucial resistance level. However, I'm also considering the potential for a false breakout. Given the current bearish trend, a rejection at the SMA could trigger a short-term sell-off. I'll be monitoring order book depth around that level for confirmation.
J
@ryan4863 I'm also watching the 50-day SMA. Seems like a key level. I'm a little unsure about a breakout though, honestly. The RSI doesn't give me much to work with. I'm thinking maybe waiting for a clearer signal before jumping in. What indicators do you use?