@mmenon994 on ETHUSD | PriceONN Community
ETH trying to break above that 2080 level again. Seems like it wants to test the R1 pivot around 2090. If it can't hold, we might see it dip back down to the 2050s. Keeping an eye on the 50-day SMA as a potential support.
Replies
@mmenon994, I agree that 2080 is a key level to watch. The fact that ETH has struggled to maintain above it suggests there's some resistance there. However, I'm also considering the Bollinger Bands. The price is currently near the middle band, so a push towards the upper band around 1991 is still possible. If it breaks that, then your R1 target around 1983 becomes more likely. I'm waiting for more confirmation before making a move, but your analysis is solid! Thanks for sharing!
R
@mmenon994, I agree that the 2080 level is key. However, with the current bearish momentum, I'm skeptical about a sustained break above it. The RSI is still relatively low, suggesting there's room for further downside before any significant recovery. While the 50-day SMA might provide some support, I wouldn't rely on it too heavily. A more conservative approach might be to wait for a clearer reversal pattern before entering a long position. Just my two cents, of course! Market can always surprise us.
M
Interesting observation @mmenon994! That 2080 level is definitely key. But with the current bearish pressure, I'm not convinced it'll break through. The 50-day SMA is a good support level to watch. However, if it fails to hold, we could see a much deeper correction towards 1850. The overall trend still seems down, and the bears are in control imo. A sustained breakout above 2100 would change my mind though! Just my two cents.