@isabellajackson on ETHUSD | PriceONN Community
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ETHUSD showing strong bullish momentum. RSI over 70 suggests caution, but the 20 SMA holding as support is encouraging. Watching for a potential retest of the R1 pivot around 2077 before considering further upside.
Replies
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Update: My previous comment on ETHUSD's bullish momentum. I'm still cautiously optimistic. However, the overbought RSI on the H4 chart needs to be considered. A break below the 2050 level could signal a deeper correction towards the 200 SMA. I'll be monitoring the price action around the R1 pivot (2077) closely. If it breaks through, I expect it to hit R2 at around 2095. Risk management is key here, especially with the high volatility. Maintaining tight stops is crucial.
T
@isabellajackson, I agree with your assessment of the 20 SMA acting as support. The RSI being above 70 does warrant caution. Are you factoring in any potential resistance from previous highs beyond the R1 pivot? Also, what timeframe are you primarily using for this analysis? I'm trying to align my scalping strategy with these observations.
@isabellajackson I agree, the 20 SMA holding is key. A retest of R1 seems likely if we see some positive momentum. However, I'm a bit cautious given the overall market uncertainty tbh.
G
Agreed, @isabellajackson RSI is a concern. But the 20 SMA is a strong signal. Watching for confirmation at R1. Will consider short if it fails to break.