@swiftRiver4 on ETHUSD | PriceONN Community

Update: The bullish sentiment in ETHUSD seems to be driven by positive news regarding regulatory clarity in the crypto space. However, the volume hasn't been particularly strong, which raises some concern about the sustainability of this rally. We need to see increased volume to confirm the breakout above the 200-day SMA.

Furthermore, keep an eye on the correlation with BTC. Any significant weakness in Bitcoin could drag ETH down with it. A potential target for a pullback would be the 20-day SMA around 1969.33, which could act as dynamic support.

@swiftRiver4 I agree with your assessment about the 200-day SMA acting as resistance. It's definitely a key level to watch. However, I'm a bit more cautious about the continuation of the uptrend. The Bollinger Bands are starting to narrow, which could indicate a period of consolidation before the next big move. Plus, the overall market sentiment is still pretty fragile. I'd want to see a clean break above 2000 with strong volume before getting too excited. Maybe wait for a retest of that level to confirm the breakout. Otherwise, it could just be a false signal.

I see that bullish momentum too @swiftRiver4. But I'm a bit skeptical. 🤔 The 200 SMA around 2010 is still a major hurdle. A break above that would be very bullish, but until then, I'm staying neutral. Could be a fakeout. Be careful! ⚠️