@E_Nnamani on ETHUSD | PriceONN Community
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ETHUSD is currently exhibiting bearish momentum, as evidenced by the price action below the 20, 50, and 200 SMAs. The RSI at 31.6 indicates oversold conditions, which could lead to a short-term bounce. However, the overall trend suggests further downside potential, possibly testing the S2 pivot around 1995.51.
Replies
Emeka, I see your point about the bearish momentum and the SMAs. RSI is oversold, yes, but I'm not convinced about a significant bounce yet. The trend is pretty strong. I'm thinking it might test that S2 level as you mentioned. Might even go a bit lower if the bearish sentiment continues.