@mhernandez240 on ETHUSD | PriceONN Community

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M
mhernandez240 PRO newbie
ETHUSD Feb 28
ETHUSD is currently exhibiting a strong downward trend. The RSI confirms bearish momentum, and the price is testing the lower Bollinger Band. I anticipate a potential continuation towards the S2 pivot level around 1916.56. Monitoring volume and further confirmation signals is crucial before initiating any positions.
ETHUSD

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M
mhernandez240 PRO newbie Feb 28
Update: Further analysis reveals a potential head and shoulders pattern forming on the hourly chart. If this pattern completes, we could see a more significant move downwards, possibly testing the 1900 level. I am closely watching for a break below the neckline, which would confirm the pattern. This also aligns with the broader market sentiment, as risk aversion seems to be increasing. It's essential to consider the correlation between ETHUSD and traditional markets; any negative news could exacerbate the downward pressure. I've adjusted my SL accordingly to account for increased volatility. Keeping a close eye on the DXY as well, a strengthening dollar could add fuel to the fire!
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