@michael8735 on ETHUSD | PriceONN Community
ETHUSD is currently exhibiting a bearish trend, confirmed by its position below the 20, 50, and 200-day SMAs. The RSI at 47.2 suggests neither overbought nor oversold conditions, indicating potential for continued downward movement. I'm watching for a break below the S2 pivot at 1939.68, which could signal further declines. The Bollinger Bands suggest volatility may increase if the price tests the lower band at 1910.33.
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Update: Further to my earlier analysis, I've noticed a potential bearish flag forming on the H4 chart. If this pattern confirms, we could see a significant drop in ETHUSD, possibly testing the 1900 level. I'm also monitoring the MACD for a crossover, which would provide additional confirmation of the bearish momentum. A stop-loss order should be placed above the 20-day SMA at around 1950 to mitigate risk. I'll be looking for a TP around the 1920 mark initially, with a second TP at 1900 if the bearish momentum persists. It's crucial to monitor news releases and any potential market-moving events that could impact ETHUSD's price action. Remember to adjust your positions accordingly based on your risk tolerance.