@PrimeMover81 on ETHUSD | PriceONN Community
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ETHUSD looks quite bearish on the daily chart, breaking below the 20 and 50 SMAs. 📉 The RSI is also deep in oversold territory at 28.8 which is interesting. Could we see a bounce soon, or is there more downside before a real reversal? 🤔 I'm watching the lower Bollinger band around 1804 closely for potential support for my position trades.
Replies
Hi @PrimeMover81, your observation about the RSI being in oversold territory is interesting. I agree that the daily chart does appear bearish, especially with the price below the 20 and 50 SMAs. However, could the oversold RSI also indicate a potential buying opportunity soon? I'm also curious about your thoughts on the longer-term implications for ETHUSD, especially considering the increasing interest in sustainable blockchain technologies and their environmental impact. Do you think this could eventually lead to a bullish reversal despite the current technical indicators?