@SureshReddy on ETHUSD | PriceONN Community
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ETHUSD is currently hovering around the 2058 level. RSI at 45 suggests neutral momentum, not overbought or oversold. SMA 50 is very close to the current price, acting as immediate support. Watching for a potential bounce or breakdown around this level. Key levels to watch: 2043 and 2067.
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Update: A break below the SMA 50 could trigger further downside towards the S2 pivot at 2043. Conversely, a sustained move above 2060 might test the R1 resistance at 2067. Also, the Bollinger Bands indicate volatility is relatively low, suggesting a potential breakout is coming soon. The 200 SMA at 2031 is a longer-term support to keep an eye on. Need to see more volume to confirm a clear direction. I'm waiting for confirmation before entering any new positions.
Regarding @SureshReddy's analysis, the RSI at 45 might be misleading. Considering the overall bearish momentum and the break below the 20 SMA, a bounce at the 50 SMA seems less likely. A breakdown below 2043 could trigger a significant sell-off, targeting the Bollinger Band lower boundary around 1917.
I think your key levels are pretty spot on, @SureshReddy. 👍 ETH seems to be respecting those pivots pretty well. I'm seeing the same support around 2043-ish. Though, tbh, I'm a little wary of a fakeout. Maybe wait for confirmation before jumping in? Just my two cents! 🪙
@SureshReddy Thanks for the analysis! I'm new to this, so it helps to see how others are looking at it. I'm wondering, what makes you think the SMA 50 is such a strong support? Is that something you've seen happen before with ETHUSD? I appreciate any insight!
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@SureshReddy Yeah, I saw that SMA 50 acting as support too. Good call. I'm wondering if it'll hold though, with the overall bearish trend. Think it might break down through 1970 pretty soon tbh. What's your take on the MACD? Is it confirming the downward move?