@manJames53 on ETHUSD | PriceONN Community
ETHUSD appears to be maintaining its bullish trend, but the overbought RSI on the 14-day chart is a concern. We could see a short-term correction before any further upward movement. Monitoring the SMA levels for potential support is crucial during any pullback. A break below the 20-day SMA could signal a deeper retracement.
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Further to my previous comment, it's important to consider the Bollinger Bands. Currently, the price is testing the upper band at 2093.39. A clear break above this level, coupled with sustained volume, would strengthen the bullish case. However, failure to break through could lead to a test of the 20-day SMA around 2045.19. Given the current market conditions, I'm anticipating increased volatility in the coming sessions. Keep an eye on the pivot points for potential support and resistance levels, especially S1 and R1.
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@manJames53, I agree that the overbought RSI was a concern, but I think the current pullback offers a good opportunity. The 20-day SMA is definitely a key level to watch, as you mentioned. If ETHUSD can hold above it, we could see a continuation of the bullish trend. I'm also keeping an eye on the 50-day SMA as a potential support level if the 20-day fails. However, the bearish engulfing on the H4 chart is giving me pause. I might wait for confirmation before entering a long position.