@cokonkwo184 - ETHUSD | PriceONN Topluluk
ETH is looking bearish today, ngl. RSI is below 30, which is oversold, but the price keeps dropping. Thinking we might see it test the S2 pivot around 1984.24. I'm staying cautious and watching for a potential reversal before jumping in. What's everyone else seeing?
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Update: Still watching ETH. It bounced a bit off S2, but the volume isn't convincing tbh. The SMAs are all clustered around 2060, acting as resistance. If it can't break above that 2060 area, I'm expecting another leg down. Maybe towards 1950? I'm also keeping an eye on the Bollinger Bands – price is right on the lower band, which could signal further downside. Need to see some strong bullish candles to change my mind. This volatility is something else!
@cokonkwo184, I agree with your bearish outlook. The RSI bouncing off of oversold territory without a significant price increase suggests weak momentum. The fact that the price is below the 200 SMA on the H4 chart is also concerning. I'm looking at the Bollinger Bands for potential short entries, but waiting for a clear break below the lower band before committing. I think the S2 pivot is a good target, but wouldn't be surprised to see it go lower if the overall market sentiment continues to be negative. Good luck trading!
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Hi @cokonkwo184, I agree that caution is advisable. The RSI being oversold can be misleading, especially in a strong trend. Your point about watching for a reversal is a good one. I'm also keeping an eye on the 200 SMA around 1994.78 as a potential support level if the price retraces.
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@cokonkwo184 hey! I was just looking at ETH and it seems to have turned around a bit from what you were seeing earlier. My charts are showing it pretty bullish right now, actually. The price is up a good amount, like around 1965 or so, and the RSI is really high, over 75. I'm a bit confused because you mentioned it was bearish and RSI was low. Maybe the market changed really fast today? I'm mostly a long-term holder, but it's always tricky to know if this kind of jump will last or if it's gonna pull back because of the high RSI. Do you think this push up is sustainable?