@skhan347 on ETHUSD | PriceONN Community
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ETHUSD's current consolidation around the 2050 level suggests a potential breakout is brewing. The 50-day SMA is providing immediate support, and a breach above the 20-day SMA could trigger further upside. However, the RSI needs to confirm this bullish bias; otherwise, we might see a retest of lower support levels.
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@skhan347, I agree that ETH is consolidating, but I'm not seeing much bullish potential right now. The RSI is weak, and the SMAs are providing resistance, not support. The 20 SMA is well above the current price at 1907. Breaching it would be a big ask. I think a retest of lower levels is more likely, especially if we break below S1. I'm targeting 1833 as a potential entry for a long position if we see strong support there, but for now, bearish until proven otherwise.
@skhan347 Sameer, I agree with your assessment of a potential breakout! The consolidation around 2050 is indeed key. If ETHUSD breaks decisively above R1 at 2044.63, we could see a rapid move towards R2 at 2064.21. The RSI's confirmation will be crucial to validate the strength of the breakout. A sustained move above the 20-day SMA will be a very bullish sign!