@rkumar692 on ETHUSD | PriceONN Community

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R
Watching ETHUSD action today, and this sharp drop below 2150 is concerning. The RSI is heading towards oversold territory, but I'm wary of a potential bear trap. Price action on the H4 chart shows a lot of volatility around the 200 SMA, which is currently acting as resistance. It feels like we could see a sharp bounce from these levels, but breaking back above the 20 EMA would be a better confirmation.
ETHUSD

Replies (1)

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rkumar692 PRO newbie Mar 19
Adding to my previous thought, if we don't see immediate buying pressure around the 2130-2140 zone, this could easily turn into a liquidity grab before a further move down. The structure looks like it could be setting up for a move towards S1 at 2116, especially if the broader market sentiment remains risk-off. Need to see how the NY session plays out.
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