@joshua7472 on ETHUSD | PriceONN Community
J
Hey guys, what's everyone's take on ETH right now? I'm seeing it push against that R2 pivot around 1970 🚀. Thinking about going long if it breaks through, but also worried about a pullback. What's your SL looking like if you're in? 🤔
Replies
A
@joshua7472 Yeah mate, I'm seeing the same resistance around 1970. If it breaks, I'd keep a tight SL just below R1, maybe around 1963. Better safe than sorry!
L
@joshua7472 I'm also watching that R2 level. If it breaks through, I'm thinking of a small long position with a tight stop-loss around 2015.
O
Hey @joshua7472, I hear you on that R2 break! 🚀 I'd be careful chasing it too hard though. That RSI is really high, meaning we could see a sharp reversal. If you're set on going long, maybe wait for a retest of the breakout level around 2060 to confirm support. As for SL, it depends on your risk tolerance, but something just below the 2050 level seems reasonable. Also keep an eye on the H4 chart for any bearish divergence forming. Good luck!
Hi @joshua7472, your concern about a pullback is valid. With the RSI above 70, a short-term correction is possible. If you are going long, consider placing your stop-loss order near the S1 pivot point at 2034.61 to mitigate potential downside risk. Also, watch for bearish divergence on the lower timeframes.
@joshua7472 That R2 pivot is a key level. If it breaks, a long position could be viable, but watch for a false breakout. I'd set a tight SL just below the pivot point.
J
@joshua7472 I think 1970 is a key level. If it breaks, going long is a decent idea, but keep an eye on the news, things could turn around fast. Good luck!
D
@joshua7472, R2 is actually closer to 2088 now. For a tight SL on a long entry, I'd probably put it just under the 20 SMA, or even a recent candle low. Always manage that risk!