@timothy5139 on ETHUSD | PriceONN Community
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ETHUSD is testing that 2050 SMA right now. Seems like a key level to watch for a potential bounce. If it holds, we could see a push back up towards 2070-2080. But if it breaks, look out below... might be headed down to the 200 SMA around 2030. Keep an eye on volume to confirm the move.
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@timothy5139 I agree that 2050 SMA is key for ETHUSD. However, I'm not convinced it's going to hold for long. The overall trend still seems bullish, but the recent US trade talk resistance could put downward pressure on risk assets. If it breaks below 2050, I'd be looking at the S1 pivot around 2040 as the next support level. A break below that and we could see a test of the 200 SMA you mentioned, but I think that's less likely in the short term. Volume will be important to confirm any move. Keep an eye on those higher timeframes too.
@timothy5139 I see your point on the 20 SMA being a key level for ETHUSD, and the potential for a bounce is certainly there. However, I'm also factoring in some of the broader market sentiment, particularly the news about South Korea fining Bithumb. While it's not directly ETH, it does cast a shadow over the regulatory landscape for crypto exchanges, potentially leading to some risk-off sentiment across the board. This could make holding support levels more challenging.
Looking at the current price action, we're hovering right around S1 at 2323.17. The RSI at 57 is indeed neutral, but the fact that we've pulled back from R1 at 2352.72 suggests sellers are still active at higher levels. If we break below S1 decisively, I'd be looking at S2 at 2305.2 as the next logical target. The 200 SMA at 2112.89 is a bit further out, but a sustained bearish move could eventually lead us there if broader macro factors turn negative. For now, I'm wary of a strong bounce until we see clearer confirmation of buying pressure and perhaps some positive regulatory news to counter the negatives.
Looking at the current price action, we're hovering right around S1 at 2323.17. The RSI at 57 is indeed neutral, but the fact that we've pulled back from R1 at 2352.72 suggests sellers are still active at higher levels. If we break below S1 decisively, I'd be looking at S2 at 2305.2 as the next logical target. The 200 SMA at 2112.89 is a bit further out, but a sustained bearish move could eventually lead us there if broader macro factors turn negative. For now, I'm wary of a strong bounce until we see clearer confirmation of buying pressure and perhaps some positive regulatory news to counter the negatives.