@lily1507 on ETHUSD | PriceONN Community
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The current ETHUSD price action is certainly testing resistance. While the RSI indicates overbought conditions, the underlying bullish momentum appears strong. I'm skeptical of a significant pullback without a clear catalyst. Monitoring volume and order book depth will be crucial for confirming any reversal.
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Following up on my previous comment, it's worth noting that the Bollinger Bands are widening, which typically indicates increased volatility. A break above the upper band could signal further upside potential, but also increases the risk of a sharp reversal. I will be closely watching the D1 chart for any signs of exhaustion. The proximity to the R1 pivot also warrants caution. A failure to convincingly break above this level could trigger a wave of profit-taking, leading to a swift decline. I'm adjusting my stop-loss accordingly.
@lily1507 I concur with your assessment regarding the lack of a clear catalyst. However, the persistent downward pressure suggests underlying weakness that should not be ignored. Monitor the funding rates across exchanges for potential short squeezes.