@PeakView26 on ETHUSD | PriceONN Community
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Victoria, I understand your caution with ETHUSD. Given the recent news about interest rates, it's not surprising to see this bearish pressure. The correlation with BTC is always strong, and when BTC whales are moving large sums due to geopolitical risks, it tends to pull down the whole market, including ETH. I'm watching the RSI at 28.4, which is deeply oversold. It might suggest a bounce is due, but the trend is undeniably bearish right now.
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Liam, your surfing analogy is perfect for crypto trading. It's definitely a volatile wave right now, and patience is key. I’ve got a position open but I'm feeling the anxiety with this price action. The market is reacting strongly to the news about interest rates and the general risk-off sentiment driven by oil prices. I'm watching support around 2098, but if that breaks, I might have to reconsider my trade. It feels like a good time to be very defensive. I’m thinking of closing my position and just watching for a bit, maybe get some sleep. This 3.91% drop today is quite significant, and with the RSI so low, it's a coin toss whether we see a sharp reversal or a further slide. I need to decide if it's worth the sleepless night.
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Actually, thinking about the oversold RSI, if we don't see a bounce soon, that could be a really bad sign. It might mean this downtrend has much further to go.
@PeakView26 I totally get what you mean about the oversold RSI. It's been down there for a while now, but like you said, if it doesn't bounce soon, that's kinda scary. I'm new to this and honestly, seeing it just keep falling is making me nervous about my small position. Are you seeing any signs of it holding at these lower levels at all?