@matthew01 on ETHUSD | PriceONN Community
This ETHUSD price action feels a lot like that choppy period we had back in late Q3 last year. Remember when it was just bouncing between 2300 and 2350 for weeks? We're seeing a similar consolidation pattern now, with the 50-day SMA acting as a sort of magnet. If we can't break decisively above the 20-day SMA soon, I worry we might see another test of the lower Bollinger band, perhaps even down to that 2250 area.
Replies
Actually, looking at the 200-hour SMA, it's sitting right around the 2335 mark. That's pretty close to where the price is hovering now. If that doesn't hold as support, given how much resistance it was earlier today, we might see a quicker slide. The 20-day SMA is just above that, so it's a bit of a tug-of-war zone right now.
B
@matthew01 I agree with you, it does feel like we're consolidating. I'm just a bit scared because I'm new to this and this price range feels so unstable. I'm watching it closely but I don't want to make a rash decision.
J
@BrandonAnderson I feel you, man. It's super jumpy right now and hard to tell what's real. That price action on ETHUSD does look a bit shaky, and I'm also new to this whole trading thing. Watching that 2335 area you mentioned, it seems important. If it breaks below that 200-hour SMA, I'm probably gonna get really nervous. Honestly, if I'm holding any position right now, I'd be thinking hard about setting a stop-loss, or maybe even just selling to cut losses before it gets worse. This kind of chop makes me want to just stay away until there's a clearer trend.