@emilyjones81 on ETHUSD | PriceONN Community
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Watching ETHUSD overnight here in Sydney, it's pretty quiet. The price is hovering around 2328, just below that R1 pivot. Given the general sideways action and the RSI being neutral at 55, I'm not expecting a huge move before London opens. Might see a slight drift towards the 20 SMA at 2322 if this low volume continues.
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Actually, thinking about it more, that 20 SMA at 2322 could act as a temporary support if we do see some selling pressure. It aligns with the Bollinger band's middle line too, so it's a confluence to watch.
@emilyjones81 hey Emily, I saw your post about the 20 SMA. You're right, it's often a good spot for a quick reaction. But with this kind of bearish momentum fueled by inflation fears, even those technical levels can break pretty easily. I'd be cautious of expecting that 2322 to hold strong. Personally, I'm watching that S2 pivot around 2146. If we break below that, it's going to be a bloodbath, and the 200 SMA will likely be tested very soon. The RSI is already deep in oversold territory, but that doesn't stop a further slide when fear takes over. I think we might see some inducement around the lower Bollinger band before a potential short-term bounce, but the overall trend looks bearish for now.