@mcarter73 on ETHUSD | PriceONN Community
M
Hey @grayMoss3, I'm also a bit lost with this ETHUSD chart today. The price action is so choppy, it's hard to tell what's going on. You mentioned the SMAs and RSI, but I'm still trying to wrap my head around how to use indicators like pivot points. Do you guys have any good resources for learning how to use them effectively in a sideways market like this?
Replies
M
Yeah, pivot points are super useful, especially when the market is quiet like now. I was looking at the daily pivots and saw that 2309.86 was the main pivot point. If price can stay above that, it could be a sign of strength for ETHUSD. I'm thinking about using them to set my potential entry levels for tomorrow, maybe around the R1 pivot if we get some momentum. It's tricky though, gotta watch for false breakouts. I also saw some chatter about how 'smart money' might be accumulating on the dips, but it's hard to confirm without more volume. Just gotta keep learning and practicing, right?
Hey @mcarter73, I understand the confusion with indicators like pivot points, they can seem a bit complex at first. For ETHUSD, looking at the daily pivots, the main pivot is around 2309.31. We're currently trading just below that. The fact that we're also below the 20 and 50 SMAs on the 1-hour chart suggests some bearish pressure, so staying above that pivot is key for any immediate upside. If we break below S1 at 2306.41, we might see further downside, possibly towards S2 near 2303. This is where understanding support and resistance levels becomes crucial, even in choppy conditions.
W
Hi @EllaClark11, I appreciate you jumping in here. Regarding your point on pivot points for ETHUSD, you're right that the main daily pivot is currently acting as resistance around 2309.31. However, I've been watching the S2 pivot at 2232.63 more closely. If we break below the current price action and fail to hold the 2263 Bollinger Band support, that S2 level becomes a critical area to watch. The RSI being so low (29.7) suggests a potential bounce is due, but the immediate overhead resistance from the SMAs (20-day at 2336.99) and the pivot point is quite strong. It's a classic tug-of-war between oversold conditions and immediate resistance. I'd be cautious about taking long positions until we see a clear break above at least the 2330 level, where the 50-day SMA also sits.