ETH's been struggling to break above that 200 SMA for a while now. It's like a brick wall around 1988. Until it convincingly closes above that, I'm bearish overall. RSI isn't giving much away either, just hovering in no-man's land. Could be a long grind downwards.
Update: So, about my earlier comment on ETH's struggle with the 200 SMA... I'm starting to wonder if it's forming a descending triangle pattern on the H4 chart. Lower highs, flat support around 1925-1930. If that support breaks, we could see a pretty significant move down. I'm keeping a close eye on volume too. A big volume spike on the breakdown would confirm the pattern. Not financial advice, just my observation :) tbh, it's kinda hard to ignore. Might adjust my short entry if I see that triangle confirm. Just gotta be patient and wait for the setup.
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EricaAllenPROnewbieFeb 28
@SamanthaRobinson I agree, that 200 SMA is a key level. The current bearish trend makes a break above unlikely, tbh.