Good day, everyone. I am currently observing ETHUSD consolidating below the 200-day SMA. A decisive break below the S1 pivot at 1921.91 could signal a further decline. I will be watching the RSI closely for confirmation of continued bearish momentum. Thoughts?
@bongani5421, I see what you're saying about the potential decline if it breaks below S1. However, considering the overall bullish momentum today and the fact that we're trading well above the 200-day SMA, I'm hesitant to jump on the bearish bandwagon just yet. The RSI is still showing strength, and I think we need to see a sustained break below 2000 with increasing volume to confirm that bearish scenario. Perhaps waiting for a clearer signal during the Asian session would be prudent before making any decisions.
C
ChideraN6PROnewbieMar 3
@bongani5421 I'm also watching that S1 pivot closely. A break below could definitely trigger a sharper sell-off. RSI confirming bearish momentum would be the icing on the cake!