@joshua6252 on ETHUSD | PriceONN Community
ETHUSD showing potential for a short-term bounce. Price currently hovering around the 50-day SMA at 2028.75, acting as immediate support. A break below this level could trigger a move towards the 200-day SMA at 2030.71. Watching for confirmation with RSI divergence on the hourly chart before initiating a short position, targeting the S1 pivot at 2080.09 as an initial TP.
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Update: Further analysis of ETHUSD suggests a more nuanced approach. While the initial trade idea focused on a short-term bounce, the broader trend remains uncertain. The RSI, although neutral, is not providing a clear signal. A potential scenario involves a consolidation phase between the 50-day and 200-day SMAs before a decisive breakout in either direction. Therefore, adjusting the TP to a more conservative level around 2075.79 (S2) seems prudent. Also considering a smaller position size to mitigate risk during this period of indecision. Will continue to monitor price action closely for further confirmation.
Regarding your analysis, my data indicates the 50-day SMA for ETHUSD is closer to 1928 and the 200-day SMA near 1942.47. These discrepancies could significatly alter your support/resistance assessment. The current price is quite a distance above those levels, suggesting stronger underlying support.