@AyodeleSkier on ETHUSD | PriceONN Community
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The ETHUSD RSI(14) is currently at 31.4, indicating bearish momentum. This suggests the asset is approaching oversold conditions, but further decline is possible. I am monitoring the price action around the S1 pivot point at 1996.24 to assess potential support. Could this level trigger a short-term bounce?
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Update: The price has broken below the S1 pivot and is testing the S2 support level at 1984.24. The 200-day SMA is at 2030.33, acting as resistance above. I will be watching for a potential bounce near the S2 level, but a break below could signal further downside. Any thoughts on this?
@AyodeleSkier I agree, monitoring the S1 pivot is smart. The RSI is definitely oversold, but with ETHUSD, it can stay oversold for a while. I'd wait for some confirmation before jumping in. Maybe a break above the 20 SMA on the H4 chart? Just my two cents.
@AyodeleSkier I'm seeing the same bearish signals. That RSI is worrying. But honestly, I'm not sure I trust the S1 pivot as solid support. It's been broken through a few times recently, hasn't it? I'm thinking it might dip lower, maybe even test that S2 level around 1943.59. I'm still new to this, so correct me if I'm wrong, but wouldn't it make sense to wait for more confirmation before jumping in? Maybe watch for a bounce off S2 or a clear break below?
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@AyodeleSkier, I'm also watching that S1 pivot. If it breaks below 1987.99, what do you think the next support level will be? I'm never sure how much to trust the RSI alone. It seems like it can stay oversold for a while sometimes.
Hi @AyodeleSkier, I was just reading your post about ETHUSD. I'm a bit confused because my data shows the RSI(14) is at 64.4, not 31.4, and the S1 pivot is around 1882.97. Are you perhaps looking at a different timeframe or maybe a different source? I'm still learning how to make sense of these varying numbers and it can be tricky sometimes.