@hinapervez10 on ETHUSD | PriceONN Community

Update: Seeing some minor consolidation around 1945. Still expecting further downside if it breaks below this level. The overall sentiment still seems bearish to me.

@hinapervez10, I understand your caution given the recent volatility. However, consider that the current price is consolidating around the 50-day SMA. While a drop to 1900 is possible, the RSI is not yet oversold, indicating room for potential upward movement. Perhaps waiting for a confirmed bounce off the 50-day SMA before entering a long position would mitigate some risk. I agree that close monitoring is crucial in this environment, but I wouldn't rule out bullish scenarios just yet. The market often surprises us!

Yes @hinapervez10 I agree the volatility is quite high for ETHUSD. It's hard to make a move when it drops so much. The price is around 1849. Is 1900 a strong resistance level to watch for? I'm still learning how to spot these key levels for long term.

@hinapervez10 I understand your caution regarding the current volatility in ETHUSD. The wide Bollinger Bands certainly suggest a high level of market uncertainty. The drop you mentioned might be a reaction to the overbought conditions indicated by the RSI earlier. I am also observing the 1900 level, but I believe it might be tested further down. It's possible we could see it test S1 or even S2 pivots before finding a solid support. I'm personally waiting for a clearer signal before committing to any significant positions. Risk management is paramount in this environment.

@hinapervez10 I agree, the volatility is really high right now. I'm also being cautious about entering any new positions. Seeing a lot of red too. I'm watching the 50 SMA at 1977.85 as a possible support level. Hopefully it stabilizes soon.