@jthompson414 on ETHUSD | PriceONN Community
I recall a similar situation back in early 2023. We saw a period of consolidation around these levels, with some choppy price action that fooled many into thinking a major breakdown was imminent. However, the underlying demand held strong, and we eventually saw a significant upward move. The key was patience and not getting swayed by the noise.
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And I think that's precisely what's happening again. The 200-day SMA is providing solid support just below the current price, and while the RSI is in neutral territory, it's not showing any real signs of weakness. We just need to see buyers step in with conviction to break above the recent highs and invalidate any bearish flags.
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Hey @jthompson414, I read your post about the 2023 comparison. It's interesting you see parallels, but I'm a bit more cautious this time around. That news about CZ going to prison and the whole Binance saga is still fresh, and now we have South Korea cracking down on exchanges. It feels like regulators are really putting the screws on, and that kind of pressure can spook the market more than just technicals. I'm watching the RSI here, it's way up in overbought territory at 75.5, and that doesn't feel like a healthy setup for a sustained rally, even if the 200-day SMA is offering some support. Plus, this whole oil price surge due to the Iran conflict is making me nervous about inflation and what the Fed might do. It feels like too many external factors could derail any upward momentum right now, unlike last year. I'm not sure I'd be so quick to call this a repeat of 2023.