@emichaud171 on ETHUSD | PriceONN Community
A potential long opportunity may present itself on ETHUSD if we see a pullback towards the 2030-2040 support zone. The 200-day SMA has provided a solid foundation recently, and a bounce from that area could signal a continuation of the current uptrend. A tight stop-loss just below the SMA would mitigate risk.
Replies
Update: It appears ETHUSD is consolidating near the R1 pivot. I'm adjusting my entry point slightly to 2045, aligning it with the S2 pivot for a more conservative approach. Monitoring the RSI for any signs of divergence that could invalidate the setup. Maintaining the same stop-loss.
H
I agree with @emichaud171 that a pullback to the 2030-2040 range could present an opportunity. However, the strength of the current uptrend might limit the depth of any retracement. A more conservative approach might be to look for support closer to the 2040 level, depending on price action.
O
@emichaud171 good call on the 2030-2040 zone! 👌 I'm also seeing that as a potential buy area if we get a pullback. Nice to have that SMA as extra support.
@emichaud171 That 2030-2040 zone looks like a solid area of interest. I agree, the 200 SMA is a key level to watch. I'm thinking if we get a bounce there, it could be a good opportunity to go long, especially if the RSI is showing oversold conditions at that point. A tight SL is definitely the way to go to mitigate risk. The overall trend still seems bullish, so a pullback might just be a temporary breather before the next leg up. What are your thoughts on potential TP levels?
A
@emichaud171 I like that idea for a long entry. A pullback to the 2030-2040 zone, which aligns pretty closely with our S1 and S2 pivot levels, would indeed be a solid area to watch for re-entry. It offers a good risk/reward if we see a clear bounce there. The 200 SMA is a bit lower around 1941, so if the initial support at 2030 breaks, that would be the next key level to consider for a deeper correction and a potential second entry point.
T
@emichaud171 Your analysis of the 200-day SMA as a potential support level aligns with my observations. A pullback to that zone, coupled with a bullish reversal pattern, could indeed offer a low-risk entry point. I'll be watching for confirmation.