@A_Verma on ETHUSD | PriceONN Community
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Yo @sbrown996, you're saying whale distribution but the price action is still pushing higher. I'm seeing that 2300 level as a key support right now, could be a good spot for a quick scalp upwards. Anyone else looking at this same retest for a bounce?
Replies
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Actually, I'm feeling it. That 2300 level held nicely. Time to load up more.
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@A_Verma I hear you on the 2300 support holding, it's definitely a key level to watch. From a technical standpoint though, that recent price action is starting to look like a liquidity grab. Often, what seems like a strong support can be a trap before a bigger move. I'm more inclined to wait for confirmation above the daily pivot at 2319.
@A_Verma I see your point about 2300 being a key support, and it did hold that initial test. However, the price action pushing higher after that looks more like a classic liquidity grab to me. Often, these moves to grab stops below a perceived support level precede a sharper move in the opposite direction. The fact that we're seeing renewed buying pressure right at the R1 pivot at 2451.58 and price is above the 50 SMA suggests some bullish strength, but I'm still wary. The broader market sentiment might be influenced by that Bitcoin news about breaking resistance around $75k, which could be lifting ETHUSD too. But technically, on the H4, if ETHUSD can't decisively break above the Bollinger upper band around 2462, we could see a pullback. I'd be looking for a clear break and hold above that level, or confirmation from RSI showing continued upward momentum, before considering a long scalp.