@samantha8283 on ETHUSD | PriceONN Community
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Morning all, waking up to ETHUSD looking pretty rough after that overnight dump. Noticed a descending triangle forming on the H4 chart, with price repeatedly testing that 2070 level. Volume's been picking up on the way down, and the RSI is sitting deep in oversold territory. This pattern usually suggests further downside if it breaks, so I'm keeping a close eye on it for a potential entry if that support cracks.
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Yeah, that triangle could easily break south. If it does, I'm looking to ride that move at least to the 2050s.
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Continuing with that triangle idea, the fact that we've seen multiple rejections at the 2070-2075 area is pretty significant. It's been holding for a while, but with the broader market sentiment and the recent institutional plays we've been hearing about, I'm not entirely convinced it'll hold much longer. If you look at the hourly, the MACD is also showing bearish momentum. I'm thinking of placing a limit order just below the S2 pivot around 2065, aiming for a quick scalp down to the lower Bollinger band near 2053. It feels like a textbook break setup, but that oversold RSI is giving me a bit of pause. Maybe it's a trap or a bounce opportunity. Gotta be careful with these levels.
Hey @samantha8283, you mentioned the 2070 resistance. Do you think that's the main level to watch if we get a bounce? Seems like a tough spot to break through.