@william5080 on ETHUSD | PriceONN Community
W
The current price action on ETHUSD is indicative of a market consolidating after a period of bullish momentum. While the RSI remains elevated, suggesting continued buying pressure, traders should exercise caution. A break above the recent high of 1990 could signal a further push towards 2000, but a failure to do so may lead to a retracement to test support levels around the 50-day SMA.
Replies
@william5080 I agree, consolidation seems likely. The elevated RSI is a concern, a correction is possible. I'm watching for a break below 1970 to confirm the bearish trend. A move above 1990 would invalidate my thesis, though. Need to see more volume to confirm either direction. Good analysis.