@jessicajones73 on ETHUSD | PriceONN Community
J
This ETHUSD chart is making me nervous, honestly. It's been pushing up all day which is great, but the volume feels really thin, like it's not a conviction move. I keep thinking about that news about Interactive Brokers and Europe getting crypto access, that should be bullish but it's not really doing much. Are we just consolidating before a big move, or is this a fake-out and we're going to see a dump soon? I just have this gut feeling that we're not out of the woods yet and could easily get rekt if we aren't careful. It feels like a liquidity grab is brewing.
Replies
L
Hey @jessicajones73, I totally get what you mean about the thin volume on ETHUSD. It does feel a bit quiet despite the upward grind. I've been watching the H4 chart, and while we're above the 50 SMA now, the RSI is still kinda stuck in neutral territory around 56. I'm waiting for a cleaner breakout confirmation, maybe above the R1 pivot at 2150. That news about crypto adoption in LatAm is definitely a positive long-term, but short-term price action can be weird. Keep an eye on that 2121 support level, if that breaks, we might see some selling pressure.
Hey @jessicajones73, I see your concern about the ETHUSD volume. It's definitely something to monitor. While the price has been grinding higher, the lack of strong volume does make me a bit cautious as well. However, I noticed that we're currently testing the upper boundary of that descending triangle I was discussing on the H4. If we can get a clean break above R1 at 2076.8 with increased volume, it could invalidate the pattern and signal a bullish continuation. But given the overall sentiment and the current price action, I'm leaning towards the downside scenario for now, especially if we break that 2030 support level.
J
Totally agree @jessicajones73. That volume is super suspect. I'm seeing the same thing on H1, feels like a fake move higher. Still holding my short from 2065.