Initiating a long position on ETHUSD at 2027.40. Targeting the 2070 level initially, with a stop loss placed at 2010. Monitoring RSI closely for overbought conditions as we approach the target. The 50-period SMA provided a decent bounce, indicating potential support.
Also keeping an eye on the Bollinger Bands. A break above the upper band around 2072 could signal further upside potential, possibly extending towards 2100. However, I'll tighten the stop loss if we encounter significant resistance. Volume is key here; need to see increasing volume to confirm the bullish momentum. If volume diminishes, I may consider reducing the position size or taking profits earlier than planned. Gotta manage that risk, can't be greedy. Remember what happened last week...
