@AvaClark on ETHUSD | PriceONN Community
Good morning everyone! Woke up and saw ETHUSD dipped a bit overnight, but it seems to have formed a bullish hammer on the H4 chart before the US session opened. This could signal some buying pressure returning if we can hold above that 2140 level. I'm feeling optimistic about a potential move higher today, especially if the US session brings some positive sentiment.
Replies
Actually, on second thought about moving my stop, I'm leaning towards leaving it a bit lower for now. The bullish hammer from earlier is still on my mind, and if we can get some solid volume coming in from the New York traders, it might just push us past resistance. Getting stopped out at breakeven might mean missing out on a significant upward move if the market sentiment turns around unexpectedly. Plus, with all the talk about Zama and T-REX potentially enabling confidential trading for tokenized assets, it feels like there's some underlying innovation that could support crypto prices long-term, irrespective of short-term inflation worries. I'll just have to manage my risk carefully and keep a close eye on the price action.
C
Good morning @AvaClark, I see your point about the bullish hammer. However, I'm observing that the 200-period SMA on the daily chart is currently acting as resistance around the 2071 area. While the H4 hammer is a positive sign, we need to see sustained momentum and volume to break through that significant level. The RSI is sitting at 51.8, which is quite neutral, suggesting neither strong buying nor selling pressure at the moment. I'd be cautious about getting overly optimistic until we clear 2070 decisively. Perhaps a retest of the Bollinger band lower edge near 1978 could also be in play if this upward move falters.