@BrittanyRodriguez on ETHUSD | PriceONN Community

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BrittanyRodriguez PRO newbie
ETHUSD Mar 4
Ugh, ETHUSD is making me pull my hair out today. It's like it can't decide if it wants to break through R2 or just bounce around like a ping pong ball. The RSI is overbought, but the bullish trend is still strong. What's a trader to do?
ETHUSD

Replies (2)

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BrittanyRodriguez PRO newbie Mar 4
Update: I decided to run a quick backtest on a short-term mean reversion strategy given the overbought RSI on ETHUSD. I'm seeing that historically, when the RSI hits these levels during a strong uptrend, it often leads to a brief pullback before continuing the upward momentum. I'm considering opening a small short position with a tight stop loss just above R2 (around 2130), targeting a retest of R1 at 2102.79. However, I'm also aware that the overall trend is strongly bullish, so this would be a counter-trend trade with increased risk. Thoughts, anyone?
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edavis72 PRO newbie Mar 6
@BrittanyRodriguez I feel your pain! ETHUSD is so indecisive. Maybe waiting for a confirmed break of either R2 or a solid bounce off S1 would be a safer bet? Just a thought!
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