@olivia3251 - ETHUSD | PriceONN Topluluk
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Seeing a descending triangle pattern forming on the H4 chart for ETHUSD, with a clear lower trendline resistance around 2020 and support holding near the S2 pivot at 1962. Buyers seem to be losing momentum with each bounce. MACD is also showing bearish divergence. A break below 1950 could trigger a significant downside move.
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Also, the recent inflation data is definitely adding pressure. If the Fed hints at more hawkish policies, that's bad news for risk assets like ETH.
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Hey @olivia3251, totally get what you're saying about that descending triangle. It does look a bit iffy on the H4, and the MACD divergence is concerning. I've been watching the price action around the S2 pivot too, and it feels like buyers are hesitating. The way the market reacted to that inflation data you mentioned, and the whispers about the Fed being more hawkish… it’s definitely putting a chill on risk appetite. I’m not sure about a big breakout just yet, but if we see a clear break below 1950, I agree it’s a serious bearish signal. Might have to rethink my long position if that happens. It’s a tricky market right now, lots of conflicting signals.
Hey @olivia3251, I agree with your assessment of that descending triangle on ETHUSD. It's definitely looking a bit precarious, and the MACD divergence is a clear warning sign. The fact that the price is struggling to get back above the 50 SMA is also concerning, especially with how that last batch of US jobless claims came in stronger than expected. That usually puts a damper on risk assets. I'm watching the S2 pivot around 1962 very closely; a break there and we could see a pretty rapid move lower, maybe towards the 1900s. I've got a small short position open, just watching it carefully, no big size until we get a clear break of that triangle.