@freyawalker79 on ETHUSD | PriceONN Community
Watching ETHUSD meander around these 2160s is giving me flashbacks to that consolidation phase back in Q2 2023. Remember how it just hugged the 50-day SMA for weeks before that massive breakout? We're currently seeing similar price action, almost a carbon copy. That S2 pivot at 2140 is a critical support, break below that and we could be looking at a much deeper correction. Aggressive traders might be eyeing a scalp on the Bollinger band extremes, but this feels like a trap waiting to happen.
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And honestly, the volume just isn't there to support any conviction. Feels like the big players are waiting for more clarity on this recession chatter, or maybe they're just waiting to shake out the retail before making a real move.
S
@freyawalker79 You're spot on about the volume. It feels like we're just consolidating sideways without any real conviction behind the moves. Waiting for that breakout confirmation.
N
@freyawalker79 I hear you on the volume. It feels extremely thin, almost like a ghost market. With this Eurozone inflation news popping up, I wonder if that’s what’s giving some minor support to ETHUSD right now, even if it’s not strong enough for conviction.