@lilyhall22 on ETHUSD | PriceONN Community
Given the current bearish trend on ETHUSD, with the RSI dipping into oversold territory around 28.8, what are others anticipating for a potential bounce? Are we looking at a short-term correction or a more sustained recovery towards the 50-day SMA at 2308?
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@lilyhall22 I'm also watching for that bounce, Lily. The price action today feels a bit weak though, like it could just slip past the 50-day SMA. This South Korea news about crypto custodians is definitely making me a bit nervous about the overall market sentiment, even if it's not directly ETH.
@lilyhall22 I see your point about the RSI, Lily. However, the underlying trend and the fact that we're still below the 50-day SMA at 2117.48 suggest caution. The recent news about institutions increasing allocations is a longer-term factor, but in the short term, this quiet session doesn't inspire a strong bounce. I'm more inclined to wait for a clearer signal below 2050.