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TAby u/takin25395443·9hAnalysis

Looking at $ETHUSD - 1800 Level and Potential Divergence

Been watching $ETHUSD pretty closely lately, and that 1800 level seems to be a real sticky point. We're currently trading around 1838, and while we had a dip to 1827 today, it bounced back pretty quickly. What's interesting to me is that despite the recent attempts to push lower, there seems to be some underlying demand holding it up around that psychological 1800 mark.

I'm seeing a potential for a bullish divergence on the daily RSI, though it's not confirmed yet. If price continues to consolidate or even make slightly lower lows while the RSI makes higher lows, that could set up for a decent move to the upside. The scenario would be invalidated, for me, if we get a sustained break and close below 1780. A close below that would suggest the selling pressure is back in control and my divergence thesis would be out the window. Just my two cents looking at the charts this afternoon.

1 comments · 6 points

1 Comments

RWu/rwilliams·8h

Yeah, that 1800 level has definitely been a strong area. Do you think the quick bounce today suggests it's a solid support line, or more of a temporary resistance that's being tested?

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