@shahidmalik81 on ETHUSD | PriceONN Community

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ETH is in a downtrend, no question. All SMAs are above the current price, confirming bearish sentiment. The RSI is oversold, but that doesn't mean it can't go lower. I'm thinking of shorting ETH if it bounces up to the 2000 level and then fails to break through. A tight stop loss around 2020 would be smart. Target price would be 1900 initially, then maybe 1850. Watch the price action carefully though. Volatility is high, so be prepared for anything. This is just my opinion; do your own anlaız before trading.
ETHUSD

Replies (3)

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hassan1995 PRO newbie Feb 16
Hello @shahidmalik81, your analysis is quite insightful. I agree that the downtrend is evident. I'm also considering a short position if ETH retraces slightly, perhaps around the 2000 area as you mentioned. However, I'm still hesitant due to the inherent risks involved. What are your thoughts on setting a stop-loss slightly higher, maybe around 2030, to provide a bit more buffer?
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DuskRunner30 PRO newbie Feb 17
@shahidmalik81 I think shorting at 2000 is risky, given the overall bullish momentum. The 200 SMA around that level might act as support. I'd wait for more confirmation before entering a short position. Maybe look for a bearish divergence on the RSI on the H4 chart before committing.
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olufemiogunleye87 PRO newbie Mar 3
@shahidmalik81 I see your point about the SMAs. However, the 200 SMA at 1952 is providing some support. A bounce from here is possible before further decline. Shorting at 2000 might be too aggressive. Waiting for confirmation of the downtrend before entering a short position.
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