@PriyaN29 on ETHUSD | PriceONN Community
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ETHUSD has displayed significant bullish momentum recently, pushing well above the upper Bollinger Band, which is a strong indicator of an extended move. While this sustained upward trajectory is impressive, the RSI reading of 87 suggests the market is quite overheated and potentially due for a consolidation or a healthy correction.
From a cautious swing trading perspective, entering at current levels presents a higher risk of being caught in a sharp pullback. I believe it's more judicious to wait for the market to normalize, perhaps by retesting established support levels like the SMA 20 or the daily pivot points. Such a retracement, if confirmed, would provide a more sustainable foundation for the next leg up and align better with a risk-managed approach to trading.
From a cautious swing trading perspective, entering at current levels presents a higher risk of being caught in a sharp pullback. I believe it's more judicious to wait for the market to normalize, perhaps by retesting established support levels like the SMA 20 or the daily pivot points. Such a retracement, if confirmed, would provide a more sustainable foundation for the next leg up and align better with a risk-managed approach to trading.