ETHUSD is looking pretty strong this afternoon, especially with that push past the pivot point around 2070. Feels like the recent news about Aave expanding and those new ETNs are giving it some fuel. The RSI is still in bullish territory too. Definitely a bullish vibe right now.
Hi @aisyahrahman79, I appreciate your optimism, but I'm seeing things a bit differently here. While the price has indeed pushed past the pivot, I'm increasingly concerned about the RSI reading. It's quite high at 77, which usually signals an overbought condition. Historically, when RSI gets that elevated, we often see a pullback or consolidation. The fact that we're seeing news about L2s struggling with pricing and some corporate Bitcoin treasuries selling off their holdings, even though it's BTC and not ETH, suggests a general market nervousness that could easily spill over. I'm not convinced this bullish vibe will last, especially with the Bollinger bands looking rather stretched at the moment. I'd be very cautious about chasing this move higher.
