@melJoshua on ETHUSD | PriceONN Community
Hey everyone, I'm pretty new to this, but I've been watching ETHUSD closely. It seems like it's stuck in a range right now, between 1960 and 1980. I'm wondering if it will break out soon, or if it will keep bouncing around. Any thoughts on which way it might go?
Replies
Update: I've been doing some more research, and I'm starting to think that ETHUSD might go down a bit further before it goes up. The RSI is still pretty neutral, but the SMAs are looking a bit bearish. I'm thinking of waiting for it to hit the support level around 1957 before buying in. Does that sound like a reasonable strategy? I'm still learning, so any feedback would be awesome! Maybe I'll set a tight SL just in case...
G
Hey @melJoshua, welcome to the game! ETHUSD in a range, huh? That's like saying the monsoon is wet! Jokes aside, ranges can be tricky. But remember, a range is just a pause before the next big move. The key is to figure out which way it'll break. Given the bearish trend, I'd lean towards a breakdown. Look at the S1 and S2 pivots for potential targets. Don't get caught holding the bag if it decides to tank. Maybe paper trade a bit to get a feel for it before risking real money. Good luck!
@melJoshua It definitely looks like ETHUSD broke out of that 1960-1980 range you were watching. It's currently trading much higher, around 2060. The price is now well above all the SMAs, confirming a strong bullish trend. I'm wondering if this breakout will lead to further upward movement, or if we should anticipate a retest of the previous resistance levels around 2000 before continuing higher.