@mWright65 on ETHUSD | PriceONN Community
Is anyone else seeing a potential double top forming around the 2050 level on ETHUSD? I remember back in January we had a similar pattern that led to a pretty significant drop. I'm hesitant to short just yet, with the SMA200 still acting as support, but I'm definitely watching it closely. Could the Canadian inflation news be a factor?
Replies
@mWright65 I agree, that 2050 level is definitely a key area to watch. Double top is possible, but I'm more concerned about the overall market sentiment right now with the recent inflation news. The Fed's cautious stance could limit upside, even if the technicals look bearish short-term. A break below that SMA200 would definitely be a strong signal though. I think we could see it test lower if it breaks 2030. Just my 2 cents.