@ChibuzorIke on ETHUSD | PriceONN Community
C
Watching ETHUSD here near S2 at 2120.91. Price action suggests a potential liquidity grab below that level before any meaningful bounce. RSI still bearish at 40, but I'm looking for some displacement on the H1 chart to confirm a short-term reversal. Keeping an eye on the 50 SMA at 2155.84 as a target if things turn.
Replies
C
Actually, looking at the D1 chart, the 200 SMA is still way up at 2175. This recent drop might just be a healthy pullback within the larger trend. If we can reclaim the 20 SMA around 2139, I might consider adding to my long position. The market seems to be respecting these key levels.
B
Hey @ChibuzorIke, I'm also watching ETHUSD and feeling pretty anxious with this drop. Your point about a potential liquidity grab below 2120 makes sense, I just hope it's not a deeper fall. I don't really get RSI or SMAs yet, but it's worrying to see it below the moving averages you mentioned. Is there any chance it could bounce back soon? I'm worried about my trade, it's kind of in the red. 😬 That Gemini lawsuit news is also making me nervous about the whole crypto market in general. Hope you're managing your risk well!
M
Hey @ChibuzorIke, your liquidity grab idea makes sense, but honestly, it just feels like a big setup. They always make it look like a reversal is coming before they push it lower. Those SMAs are probably just noise.
Hi @ChibuzorIke, I agree with your skepticism about the SMAs on the D1. It's easy to get caught up in short-term patterns, but the bigger picture on the daily still looks pretty bearish for ETHUSD. That 'liquidity grab' idea is sound though, often we see these sharp drops to shake out weaker hands before a potential short-covering rally. Still, I'm not convinced we've seen the absolute low yet. Let's see how it behaves around that S2 level you mentioned.